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Govt loses Rs 29,500 crore
BS Research Bureau in Mumbai |
May 18, 2004 08:39 IST
The government made a loss of Rs 29,500 crore (Rs 295 billion) on its holdings in listed public sector undertakings following the bloodbath triggered off by the Left's opposition to divestment of profit-making PSUs.
Add to this the erosion of Rs 37,000 crore (Rs 370 billion) of value that the government holdings saw on May 14, and the total loss for the government in two trading sessions is Rs 66,500 crore (Rs 665 billion).
The market capitalisation of public sector undertaking dropped by Rs 43,695 crore (Rs 436.95 billion) on Monday.
The aggregate market capitalisation has fallen below Rs 10 lakh crore after a gap of six months since October 2003.
The Sensex shares lost Rs 67,217 crore (Rs 672.17 billion) on Monday as their aggregate valuation plunged from Rs 5,65,695 crore (Rs 5,656.95 billion) to Rs 4,98,478 crore (Rs 4,984.78 billion).
Among PSUs, nearly 15 stocks lost over 15 per cent each. They include GAIL India, BHEL, RCF, Bongaigaon Refinery, Bharat Earth Movers, Chennai Petroleum and Engineers India.
Overall, the biggest single-day losers in market cap were ONGC [Rs 13,233 crore (Rs 132.33 billion)], Reliance Industries [Rs 10,221 crore (Rs 102.21 billion)], Wipro [Rs 6,614 crore (Rs 66.14 billion)], Hindustan Lever [Rs 4,678 crore (Rs 46.78 billion)], Indian Oil Corporation [Rs 4,608 crore (Rs 46.08 billion)], Infosys Technologies [Rs 3,697 crore (Rs 36.97 billion)] and State Bank of India [Rs 3,571 crore (Rs 35.71 billion)].
Among sectoral losers, refinery firms saw a Rs 20,167 crore (Rs 201.67 billion) dip in market cap, followed by banks [down Rs 16,284 crore (Rs 162.84 billion)], information technology [Rs 14,111 crore (Rs 141.11 billion)], diversified companies [Rs 11,760 crore (Rs 117.60 billion)], pharmaceutical [Rs 6,934 crore (Rs 69.34 billion)], fast moving consumer goods [Rs 5,620 crore (Rs 56.20 billion)], and power [Rs 5,472 crore (Rs 54.72 billion)].