Reliance Industries, which is owned by Asia’s richest man Mukesh Ambani, is one of the most valued firms that has expanded in almost every sector. The multinational conglomerate’s businesses include natural gas, retail, energy, petrochemicals, entertainment, telecommunications, textiles, and mass media. However, the company witnessed a massive drop in its shares on Monday. Reliance’s share plunged 3 percent to Rs 1,298.50 due to major selling.

The company’s market valuation eroded Rs 50,205.1 crore to Rs 17,61,914.95 crore. Benchmark Sensex tanked nearly 942 points to settle at a three-month low while Nifty tumbled more than 1 per cent to close below 24,000 on Monday dragged down by heavy selling in Reliance Industries and banking shares.

Reliance witnessed a significant drop in its market value, losing Rs 50,205.1 crore to slide to Rs 17,61,914.95 crore. Monday was a bit of shocker for the benchmark Sensex too, nosediving by nearly 942 points and hitting a three-month trough. The Nifty didn’t fare any better, plummeting by over 1 percent and registering a close below the 24,000 mark. The bloodbath occurred mostly due to severe sell-off in prime stocks like Reliance Industries and the banking sector.