Mukesh Ambani may lose the position of Asia's richest after Reliance loses...in just...days

The Indian share market continues to be in red due to several reasons. The bearish trend even hit India's most valuable company, Reliance Industries. The market capitalisation of Mukesh Ambani-led company eroded by Rs 67,526.54 crore to Rs 16,46,822.12 crore in just 5 days (Monday - Friday) last week. The share price of Reliance settled at Rs 1,214.75 on Friday. Despite this, Ambani is still the richest man in Asia with a net worth of USD 90.3 billion, as per Forbes.

Besides, the combined market valuation of eight of the 10 most valued domestic firms, including Reliance, eroded by Rs 2 lakh crore last week, in line with a bearish trend in the broader stock market. While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Infosys, State Bank of India, Hindustan Unilever, Bajaj Finance and ITC faced a combined erosion of Rs 2,03,952.65 crore in their valuation, Bharti Airtel and ICICI Bank emerged as the gainers.

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Equity benchmark indices Sensex and Nifty extended their downward trend to the eighth day in a row on Friday. In the past eight trading days, the BSE benchmark has tumbled 2,644.6 points or 3.36 per cent, and the Nifty slumped 810 points or 3.41 per cent. In the top-10 chart, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, Bajaj Finance and ITC.

(With inputs from PTI)