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Equity investors' lost over Rs 18.17 lakh crore during the latest market decline over the last six sessions, with sentiments remaining extremely bearish amid rate hikes by global central banks, unrelenting foreign fund outflows and a jump in crude oil prices.
Indeed, the continuous weak decline in Indian equities dragged the market capitalisation of BSE-listed firms by Rs 18,17,747.13 crore to Rs 2,36,77,816.08 crore between June 9 and June 17.
To put the magnitude of that loss into context, Reliance Industries Limited's entire market worth on Friday was 17,51,686.52 crore, and the combined wealth of equity investors lost during the last six sesssion was Rs 18,17,747.13 crore.
Reliance Industries had become the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price on April 27. The market-heavyweight stock jumped 1.85 per cent to its record high of Rs 2,827.10 on the BSE. Following that gain in the share price, the company's market valuation had jumped to Rs 19,12,814 crore on the BSE.
After a week of punchy moves across asset classes, the 30 stock S&P BSE Sensex and the broader NSE Nifty suffered their worst week since May 2020 as leading central banks have doubled down on tighter policy to tame runaway inflation. The 30-share BSE Sensex declined 3,959.86 points or 7.15 per cent, and on Friday, it hit a one-year low of 50,921.22.