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Sunday, August 21, 2011

MARKET MAYHEM: Tatas lose $20 bn market wealth since July; Ambanis $15 bn!

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New Delhi: Salt-to-software conglomerate Tata group, the country's largest in terms of market wealth, has also taken the biggest hit of over USD 20 billion in its market valuation since July.
Indian stock market has been under tremendous pressure in recent weeks, primarily due to global economic worries, and its overall valuation has fallen by an estimated USD 200 billion so far in the current quarter, beginning July 1.

The loss suffered by Ratan Tata-led group accounts for over 10 percent of the overall loss in the market and is also higher than a cumulative erosion of USD 15 billion from the stock wealth of two Ambani groups.

While Mukesh Ambani-led Reliance Industries group has lost close to USD 9.89 billion, the group led by younger Ambani sibling Anil has seen little over USD 5 billion being eroded from its market wealth in this period.
An analysis of market wealth data of large corporate groups shows that the business houses having suffered significant erosion in their valuation also include Vedanta, Adani, ICICI, Infosys, Wipro and Jindal groups.
On the other hand, the losses have been relatively less for groups like Birla, Mahindra, Bajaj, HDFC and L&T, while that of Sunil Mittal-led Bharti group has actually seen a marginal increase of Rs 19 crore since July 1.
The Indian market's total valuation has fallen from USD 1.53 trillion (Rs 67, 31, 000 crore) at the beginning of this quarter to USD 1.33 trillion (Rs 59, 29, 250 crore) currently.

The market benchmark Sensex has dropped by over 2,500 points or about 13 percent in this period.

Among individual groups, Tatas' market wealth has fallen from a little over USD 100 billion (about Rs 4, 48, 000 crore) on July 1 to USD 79.5 billion (about Rs 3, 55, 000 crore) – a loss of about Rs 93,000 crore (USD 21.13 billion) for the group.

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