Mcap of 17 Gujarat cos erodesby Rs3.20 lakh cr in a fortnight

As the BSE Sensex plunged abysmally to an intra-day low of 52,654 on May 13, market capitalization of some 17 Gujarat-based companies suffered a whopping Rs 3.20 lakh crore of erosion in merely a fortnight since April 29. 

Weak global markets coupled with fears of global inflation at the backdrop of the Russia-Ukraine war led stock market indices to fall consistently.

With this, the market capitalisation of BSE-listed companies went down by Rs 20 lakh crore since April 29 in India and state's leading firms too reported an erosion.

Among these, Adani Group companies have witnessed major sell off whereas state-owned PSUs too witnessed reduction in market cap. 

Adani Green Energy alone suffered an erosion of Rs 1.29 lakh crore in market cap as its stock tumbled around 27% in a fortnight.

Analysts said that markets continue to face heavy selling from higher levels. Currently markets are in the sell on rise phase, with investors profit booking their gains.

Till the time, Nifty does not manage to sustain above 17,400 level, markets will remain in the bear trap.