Mumbai, March 3 (IANS) The stock of Reliance Group companies saw a significant decline on Monday, eroding more than Rs 40,000 crore from their market capitalisation.The total market-cap of these companies dropped by Rs 40,511.91 crore, bringing it down to Rs 17.46 lakh crore.
The sharp losses were part of a broader weakness in the market, with all stocks within the group registering losses.
Sterling & Wilson Renewable Energy Limited led the fall, followed by Just Dial (NSE:JUST) Limited and Balaji Telefilms Limited, which were among the biggest losers.
Reliance Industries (NSE:RELI) Limited, the flagship company of the Reliance Group, was the third biggest loser in the Nifty 50.
The company contributed significantly to the decline in the Nifty index, and is the second largest weightage stock in the benchmark index.
Reliance Industries’ market capitalisation fell by Rs 35,319.49 crore, dropping to Rs 15.89 lakh crore.
The company has now seen two consecutive days of decline, following a three-day losing streak earlier in the week, excluding Thursday’s session.
Reliance Industries shares closed at Rs 1,174 with a Rs 26.10 or 2.17 per cent drop.
Other notable losses included Just Dial, which saw its shares drop by Rs 54, or 6.43 per cent, closing at Rs 786.25.
Shares of Sterling & Wilson Renewable Energy fell by Rs 15.65, or 6.13 per cent, closing at Rs 239.80.
Jio Finance also experienced a decline, with its shares falling by Rs 6.31, or 3.04 per cent, to close at Rs 201.30.
Balaji Telefilms Limited closed at Rs 50.74, down by Rs 2.67 or 5 per cent, while Alok Industries (NSE:ALOK) Limited saw a drop of Rs 0.51, or 3.32 per cent, with shares closing at Rs 14.85.
Meanwhile, the domestic equity indices finished the intra-day trading session almost flat on Monday in a choppy session amid mixed global cues.
In the early trade, both the indices were in the positive territory, but momentum quickly shifted to the downside.
--IANS
pk/na