A sharp plunge in the share price of Reliance Industries Limited, the country's most valued firm, wiped out Rs 58,091.87 crore from its market valuation in just a day.
The market bellwether's scrip plummeted 8.28 per cent to close the day at Rs 1,015.25 on the BSE. During the day, it dropped 9.15 per cent to Rs 1,005.55.
Led by the plunge in the scrip, Reliance Industries, the oil-to-telecom conglomerate, suffered a massive erosion of Rs 58,091.87 crore from its valuation which now stands at Rs 6,43,594.13 crore on the BSE.
A heavy sell-off in the equity market since past few days has pulled down the company's market valuation sharply.
The equity markets suffered extreme panic selling last week, where the key BSE barometer plunged 3,473.14 points in total.
The key BSE index plummeted 2,713.41 points or 7.96 per cent to close at 31,390.07.
Last week also, Reliance shares came under massive selling pressure amid plunge in international oil prices.
In just about four months, Reliance Industries market cap has slumped from the highs of Rs 10 trillion it hit in November last year.
On November 28 last year, Reliance Industries became the first Indian company to hit the Rs 10 trillion market valuation mark.
In October 2019, Reliance Industries (RIL) hit the Rs 9 trillion m-cap level.
In August 2018, it became the first Indian company to have crossed the Rs 8 trillion m-cap mark.