State Bank of India, largest govt bank in India, suffers Rs 349840000000 loss in just 4 days because…

Stock market indices Sensex and Nifty continued their fall on 18th Nov due to foreign fund outflows, selling in IT stocks and weak leads from the US markets.

Amid a downturn in the share market, several leading Indian companies have experienced significant losses in their market valuation. Last week, eight out of the top 10 most valued firms collectively saw their market worth decline by Rs 1,65,180.04 crore in last week.

SBI Lost Rs 34,984 crore

Even State Bank of India (SBI), India’s largest government bank, was not spared, losing Rs 34,984 crore over just four trading days (11th Nov to 14th Nov) after its shares fell by 4.62%. This sharp decline made SBI one of the hardest-hit companies during a weak phase for equities.

By the end of the week, SBI’s market valuation had dropped to Rs 7,17,584.07 crore, with its share price closing at Rs 805.95 on November 14.

Mukesh Ambani Faces Rs 22,057 crore Loss

The broader market was impacted as the BSE benchmark Sensex tumbled by 1,906.01 points or 2.39% throughout the week. Notably, the equity markets remained closed on Friday in observance of Guru Nanak Jayanti.

Even Mukesh Ambani’s Reliance Industries, the most valued company in India, saw its market capitalization decline by Rs 22,057.77 crore, bringing it down to Rs 17,15,498.91 crore. Despite this drop, Reliance retained its position as the top-valued firm in the country, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, SBI, ITC, LIC, and Hindustan Unilever.

Sensex Down By 241 points On 18th Nov

Benchmark stock indices Sensex and Nifty continued their decline on Monday owing to unabated foreign fund outflows, selling in IT stocks and weak leads from the US markets.

The 30-share BSE Sensex dropped by 241.30 points or 0.31 per cent to settle at 77,339.01, registering its fourth day of decline. During the day, it fell 615.25 points or 0.79 per cent to 76,965.06.

Falling for the seventh day in a row, the NSE Nifty dipped 78.90 points or 0.34 per cent to 23,453.80.

From the 30-share Sensex pack, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were the major laggards.

(With inputs from PTI)