Shares of Reliance Industries plunged by 3 percent to Rs 1,298.50 on November 4 due to heavy selling.
Reliance Industries, which is owned by Asia’s richest man Mukesh Ambani, is one of the most valued firms that has expanded in almost every sector. The multinational conglomerate’s businesses include natural gas, retail, energy, petrochemicals, entertainment, telecommunications, textiles, and mass media. However, the company witnessed a massive drop in its shares on Monday. Reliance’s share plunged 3 percent to Rs 1,298.50 due to major selling.
Reliance Market Valuation
The company’s market valuation eroded Rs 50,205.1 crore to Rs 17,61,914.95 crore. Benchmark Sensex tanked nearly 942 points to settle at a three-month low while Nifty tumbled more than 1 per cent to close below 24,000 on Monday dragged down by heavy selling in Reliance Industries and banking shares.
The Bloodbath
Reliance witnessed a significant drop in its market value, losing Rs 50,205.1 crore to slide to Rs 17,61,914.95 crore. Monday was a bit of shocker for the benchmark Sensex too, nosediving by nearly 942 points and hitting a three-month trough. The Nifty didn’t fare any better, plummeting by over 1 percent and registering a close below the 24,000 mark. The bloodbath occurred mostly due to severe sell-off in prime stocks like Reliance Industries and the banking sector.
The BSE Sensex, composed of 30 shares, witnessed a steep decline of approx. 941.88 points, or 1.18 percent, settling at a low of 78,782.24. This marks its least value since August 6. During the course of the day, it plunged to as low as 1,491.52 points, equivalent to 1.87 percent, leaving it at 78,232.60.
Similarly, the NSE Nifty dipped by 309 points or at 1.27 percent, closing off the day at 23,995.35.
Reason Behind Stock Market Crash On November 4
- The US presidential elections scheduled for November 5 have raised concerns among investors.
- Speculation about China’s stimulus package to boost its economy has negatively impacted the Indian stock market.
- Analysts have confirmed a consistent sell-off trend from overseas investors affecting market sentiment.
- The Sensex index experienced declines in several major stocks, including Adani Ports and Reliance Industries.
- Despite some declines, stocks like Mahindra & Mahindra and Infosys showed positive performance.
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