Stock market giant RIL fell 13 percent, becoming TCS 'most valuable company

Mumbai, March 9, 2020 Monday

On Monday, the country's largest company Reliance Industries Limited (RIL) was hit hard by the stock market upheaval.

Reliance's shares fell 13 percent after crude oil prices fell 25 percent in the international market. So, shares of state-owned oil and natural gas corporation (ONGC) also fell by about 15%.

Reliance's shares fell 13 per cent to 1,105. That is the biggest decline since October 2008. With this reduction, the market cap of RIL stood at Rs 6.97 lakh. The shareholders of the company lost Rs 1.08 lakh crore on Monday.

Thus the company lagged behind TCS in terms of market cap. TCS has a market cap of Rs 7.31 lakh. ONGC's market cap also fell by Rs 1 lakh crore on Monday.

The consensus could not be reached on the decline in production in the world's leading crude producer countries. Since then Saudi Arabia has begun the price war. After that, crude oil prices fell 31 percent on Monday.

This is the biggest decline since the 1991 Gulf War, which has worsened local market sentiments. It is worth mentioning that the increasing cases of Corona are already raining on the market.