Business
M-cap of 9 most valued companies erodes by over Rs 3 trn
As the sell-off continued, nine of the top 10 companies by market capitalization lost a combined total of Rs 3,091.7844 crore (about Rs 3 trillion) in market valuations last week.
The 30-stock BSE Sensex tumbled 1,836.95 points or 3.11% in the holiday-shortened week over the past week as geopolitical tensions, a global sell-off sparked by a hawkish Federal Reserve and unabated foreign outflows.
In the top 10, State Bank of India was the only winner, with its valuation jumping by Rs 18,340.07 crore to Rs 4,67,069.54 crore.
Valuations eroded were Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever Ltd (HUL), HDFC, Bajaj Finance and Bharti Airtel.
RIL’s market valuation fell by Rs 96,512.22 crore to Rs 15,79,779.47 crore, the biggest drop among the top 10 companies.
TCS lost Rs 53,488.29 crore to Rs 13,65,042.43 crore from its valuation.
The market capitalization (mcap) of Infosys fell by Rs 42,392.63 crore to Rs 7,08,751.77 crore and that of HDFC Bank fell by Rs 31,815.01 crore to Rs 8,11,061.12 crore.
The valuation of Bajaj Finance fell by Rs 30,333.64 crore to Rs 4,14,699.49 crore and that of ICICI Bank fell by Rs 16,291.53 crore to Rs 5,42,407.86 crore.
Bharti Airtel’s market capitalization plummeted to Rs 393,174.23 crore from Rs 15,814.77 crore.
HDFC’s valuation fell by Rs 13,319.96 crore to Rs 4,56,102.42 crore and HUL’s fell by Rs 9,210.39 crore to Rs 5,36,411.69 crore.
In the ranking of the top 10 companies, RIL remains the company with the highest market capitalization, followed by TCS, HDFC Bank, Infosys, ICICI Bank, HUL, State Bank of India, HDFC, Bajaj Finance and Bharti Airtel.
Complete News Source : Business Standard
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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