Jan 31, 2023
Meghna ChadhaA rout in shares of Adani conglomerate has cost India its spot among the world’s 5 biggest equity markets, as the south Asian country’s m-cap dropped below France’s on Monday to $3.2 trillion. (Source: Bloomberg)
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The New York Stock Exchange is the biggest stock exchange in the world making the US the top stock market globally. The mother market is followed by China, Europe, and Japan.
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With Adani Group units having lost $75 billion as the slump entered its 4th session, India may slip further down the ranking should the drag persist. The rout in Adani stocks accounts for 51% of the slide in the nation’s stock m-cap since January 24.
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India’s slide to the sixth spot puts the gap with the UK, at seventh, at a little over $100 billion, according to Bloomberg data, representing the combined value of companies with a primary listing in the respective country.
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The rout in Adani companies — including losses that reached daily limits — has undermined Indian benchmarks, which have become the biggest laggards in the Asia Pacific this year.
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