Mumbai: The selloff in shares of state-owned companies on Tuesday resulted in their total market value eroding ₹2.41 lakh crore in a single day. Following the state election results on December 3, the market capitalisation of public sector companies has gained more than ₹10 lakh crore till Saturday.
The losses incurred on Tuesday represent almost one-fourth of the gains posted since December 3. PSUs such as Rites, STC, HUDCO, Railtel Corp, and Ircon plunged between 10% and 15% on Tuesday. RCF, Engineers India, National Fertilizer, IRFC, IRCTC, Chennai Petro, and General Insurance, among others, declined 8-9%. Market capitalisation of PSUs gained 26% from December 3 till Saturday, compared to the 6% jump in the Nifty 50 index. IRFC’s shares surged by 134% during this period, surpassing the market value of companies such as IOC, M&M, Bajaj Auto, and Tata Steel.
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