India has slipped to the seventh position in ranking of nations by market capitalisation (m-cap) with the thrashing in Adani Group stocks continuing to make a damage in the countrys standing.The United Kingdom has actually exceeded India to occupy the sixth location.
The latter had overtaken its previous colonial ruler simply 9 months ago to get into the top five for the very first time.In less than two months, the domestic markets rank has actually dropped two locations.
On January 31, France had actually removed India from the 5th position.So far this year, Indias m-cap is down by $231 billion, or 6.93 per cent, to $ 3.1 trillion.
The Adani Group has actually accounted for more than 60 percent of the losses, with the group m-cap seeing an erosion of nearly $145 billion year-to-date (YTD).Indias contribution to the world m-cap too has slipped listed below 3 per cent after having actually topped 4 percent in October 2022.The Indian market is without a doubt the worst-performer in leading 10, with other markets reaching its outperformance seen in 2015.Indias pricey assessments and governance concerns in the Adani Group have actually weighed on financier sentiment, say analysts.