The stock of Reliance Group companies fell sharply on Monday, erasing more than Rs 40,000 crore from their market value.
The entire market capitalisation of these companies fell by Rs 40,511.91 crore, to Rs 17.46 lakh crore.
The significant losses were part of a larger market slump, as all companies in the category fell.
Sterling & Wilson Renewable Energy Limited led the decline, followed by Just Dial Limited and Balaji Telefilms Limited, two of the biggest losers.
Reliance Industries Limited, the Reliance Group’s main firm, suffered the third greatest loser in the Nifty 50.
The corporation played a big role in the Nifty index’s collapse and is the benchmark index’s second most heavily weighted stock.
Reliance Industries’ market capitalisation declined by Rs 35,319.49 crore, reaching Rs 15.89 lakh crore.
The company has now experienced two consecutive days of decrease, following a three-day losing skid earlier this week, discounting Thursday’s session.
Reliance Industries shares finished at Rs 1,174, down Rs 26.10, or 2.17 percent.
Other major losses were Just Dial, whose shares fell by Rs 54, or 6.43 percent, to close at Rs 786.25.
Sterling & Wilson Renewable Energy’s shares decreased Rs 15.65, or 6.13 percent, to close at Rs 239.80.
Jio Finance’s shares fell by Rs 6.31, or 3.04 percent, to settle at Rs 201.30.
Balaji Telefilms Limited closed at Rs 50.74, down Rs 2.67, or 5%, while Alok Industries Limited’s shares fell by Rs 0.51, or 3.32 percent, to close at Rs 14.85.
Meanwhile, domestic market indices closed the intra-day trading session nearly flat on Monday, despite mixed global cues.
In the early trade, both indices were in the positive zone, but momentum swiftly switched downward.
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