Business

Reliance Industries’ Stock Tanks 23% From Its July High

Reliance Industries Limited (RIL), India’s largest company by market capitalisation, has seen its stock fall by 23 per cent from its peak in July. The company’s market cap has dropped from Rs 21.50 lakh crore to Rs 16.5 lakh crore, a decline of about Rs 5 lakh crore. If RIL’s stock fails to rise by 5 per cent in the remaining five trading sessions of the year, it will not only record its longest losing streak since the Covid-19 market slump, but will also post negative returns for the first time in 10 years.

TCS and HDFC Bank Closing in on RIL’s Top Spot

Tata Consultancy Services (TCS) and HDFC Bank are rapidly catching up to Reliance Industries in terms of market capitalisation. TCS’s market cap has surged to Rs 15 lakh crore from Rs 13.72 lakh crore in January, positioning it as a strong contender to surpass RIL. HDFC Bank’s market cap rose to Rs 13.74 lakh crore from Rs 12.95 lakh crore this year.

Both TCS and HDFC Bank stocks have performed well in 2024. TCS has gained nearly 10 per cent, while HDFC Bank’s stock surged around 7 per cent as of December 24.

Investors are optimistic about TCS and HDFC Bank, driven by the global rate cut cycle. On the other hand, Reliance Industries’ earnings have consistently fallen short of estimates. RIL’s earnings per share estimates for the next year have declined by 16 per cent since the start of the current financial year. Despite this, brokerages remain positive on the stock, with Morgan Stanley recently giving RIL an overweight rating.

Also Read: Election Commission Responds To Congress Allegations On Voter Turnout And Electoral Roll Integrity

Ajaypal Choudhary

Recent Posts

Nation Remembers Atal Bihari Vajpayee On His 100th Birth Anniversary

PM Modi and other senior leaders of BJP paid heartfelt tributes to former PM Atal…

15 mins ago

Dense Fog Engulfs Delhi: Air Quality Remains ‘Very Poor’

Delhi residents woke up to a blanket of dense fog on Wednesday morning, drastically reducing…

22 mins ago

IRCTC Gears Up For Maha Kumbh 2025 With Luxury Tent City & Special Trains

With Maha Kumbh Mela 2025 approaching, IRCTC is introducing world-class facilities for millions of expected…

10 hours ago

Delhi High Court Upholds Order To Revise CLAT-2025 Results For Key Errors

The Delhi High Court has refused to block a single bench order directing the National…

11 hours ago

President Appoints Governors For 5 States: Arif Mohammed Khan Moves To Bihar, Ajay Kumar Bhalla Assigned To Manipur

General (Dr) Vijay Kumar Singh (Retd.), a decorated Army officer, has been appointed as Mizoram’s…

11 hours ago

Bhopal: Several Injured In Violent Clash Between Two Communities In Jahangirabad

In Bhopal, a violent clash broke out between two groups at Old Galla Mandi in…

12 hours ago