RIL, HUL, ITC: Top 50 APAC firms lose over $185 billion in m-cap in Q3

Reliance Industries (8 per cent), Hindustan Unilever (7.9 per cent) and ITC (1.3 per cent) were the Indian companies that saw a drop in m-cap during the recently concluded quarter

Top 50 firms in the Asia-Pacific (APAC) region lost a cumulative $185 billion in market capitalisation (m-cap) in the September 2023 quarter (Q2-FY24 / Q3-CY23), suggests a recent report by GlobalData, a London-based analytics and consulting company.

The sharp drop on a quarter-on-quarter (Q0Q) basis, the report said, was triggered by a weak Chinese economy punctuated by deflationary trends during the quarter and a squeeze on the region’s exports due to uncertain global economic conditions.

"In the third quarter, 27 of the top 50 companies witnessed a QoQ decline in their m-cap from $4 trillion to $3.7 trillion. Factors such