RIL market cap erodes by Rs 86,436 cr as shares drop over 13%

Market heavyweight Reliance Industries Ltd's (RIL) market valuation eroded by Rs 86,435.91 crore on Monday as its share price dropped over 13 per cent, in line with weak broader market, where the BSE benchmark index recorded its worst ever one-day crash.

The company's shares cracked 13.37 per cent to close at Rs 883.85 on the BSE. During the day, it plunged 14.16 per cent to Rs 875.70, its one-year low level.

At the NSE, it dropped 13.15 per cent to close at Rs 884.05.

The sharp fall in the company's share price wiped out Rs 86,435.91 crore from its market valuation, which now stands at Rs 5,60,296.16 crore.

In its worst ever one-day crash, the BSE benchmark index on Monday fell sharply by 3,934.72 points or 13.15 per cent to close the day at 25,981.24. During the trade, it tanked 4,035.13 points to 25,880.83.

RIL shares had bounced back on Friday and zoomed 12 per cent, after Mukesh Ambani, his wife, and three children marginally raised their personal shareholding in the company.

The company's shares had dropped 17.14 per cent till Thursday last week in four consecutive sessions of fall.

Meanwhile, RIL is enhancing its production capacities to produce 100,000 face masks per day and a large number of personal protective equipments (PPEs), such as suits and garments, for nation's health workers to equip them further to fight the coronavirus challenge.