Gujarat: Top 10 companies’ market cap declines by Rs 39,000 crore in a day

Times of India | 1 day ago | 24-09-2022 | 05:31 am

Gujarat: Top 10 companies’ market cap declines by Rs 39,000 crore in a day

AHMEDABAD: Nine of the top 10 companies based in Gujarat lost a market cap of Rs 39,000 crore in a day as sensex crashed more than 1,000 points on Friday. Apart from Adani Group companies, Gujarat Fluorochemicals, Zydus Lifesciences, Torrent Pharma and Torrent Power each registered loss of market cap of more than Rs 1,000 crore in a day. In contrast, AIA Engineering registered around Rs 2,000 crore growth on Friday. However, market analysts believe that Gujarat companies have shown a lesser decline and better resilience than broad markets. They also think the market will continue to see high volatility due to global reasons. A technical research analyst, Hitesh Somani, said, "Out of 10 top Gujarat-based companies, nine witnessed a significant fall in stock prices and their market cap declined by Rs 41,000 crore. If Nifty breaks below 17,000 level, we may see heavy downside movements which will also have a bad impact on these companies." However, he added, "We may see a reversal from current levels as we can see major support." Nifty closed at 17,327 levels on Friday, down by 302 points (1.72%), while BSE sensex closed at 58,098, down by 1,020 points, and the market cap of BSE listed companies decreased by Rs 4.8 lakh crore to reach Rs 276.64 lakh crore on Friday. Gunjan Choksi, director of a stock broking firm, said, "Market sentiment across the globe has deteriorated following the US Fed hike of 75 basis points. On Friday, many markets like Germany, France, and Hong Kong made their 52-week low. Indian market too plunged as recession fear about the global economy has increased significantly."

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