Indian firms slip in global ranking; four move out of Top-500

LONDON: The stock market turmoil has hit the global rankings of Indian companies, with 14 of them making up a new list of the world’s 500 most valued companies and among the top three seeing an erosion of their market value of around US$150 billion Dollar experience months of this year.

While 13 of the 14 companies represented in the latest list have jumped up their rankings, four companies – Mukesh Ambani-led Reliance Petroleum, state-owned Indian Oil Corp (IOC), real estate major Unitech and real estate lending giant HDFC – have done so completely dropped out of the league.

The latest FT Global 500 list, released this weekend by the UK business newspaper Financial Times, is based on companies’ market capitalization as of March 31, 2008. Previous rankings were based on December 2007 figures.

Reliance Industries, the flagship of India’s largest corporate conglomerate Mukesh Ambani Group, is ranked 80th in the latest list, led by US energy giant ExxonMobil.

With the exception of tobacco-to-consumer goods conglomerate ITC, which ranks 484th, all other Indian companies have fallen compared to the previous list.

Collectively, the market value of these 14 companies has fallen by about $150 billion since last December and currently stands at about $440 billion.

The previous list featured 17 Indian companies with a total market capitalization of approximately $590 billion.

In the country-by-country ranking, which is based on the total market capitalization of all companies represented in the list, India ranks 15th. The US tops the list with 169 companies valued at $9.6 trillion, followed by the UK, China, France and Japan.

Other countries ahead of India are Germany, Canada, Switzerland, Russia, Spain, Brazil, Hong Kong, Italy and Australia.

In terms of the number of companies represented in the list, India and Russia collectively rank ninth after the US (169), UK (35), Japan (39), France (31), China (25), Canada (24) and Germany (22).

Among the Indian companies, RIL follows the two state-owned companies ONGC and NTPC in 148th and 206th place.

While RIL has slipped 15 positions from its 65th place in the previous list, ONGC and NTPC have also slipped from their previous ranks of 115 and 163.

Other Indian firms include Sunil Mittal-led telecom giant Bharti Airtel at 218th (out of 193), property major DLF at 329th (out of 195) and Anil Ambani’s Reliance Comm at 350th (out of 252).

However, ITC climbed six spots to 484th, even as its market cap fell to $19.38 billion from a previous $20.8 billion.

Property major DLF saw the sharpest fall in market value at $40.66 billion, followed by ICICI Bank, the country’s largest private lender, with a $38.51 billion plunge and Steel Authority of India ($35.46 billion -Dollar).

RIL, the country’s highest-rated company, saw its market capitalization fall by about $21 billion, from about $105 billion to $82 billion in the latest list.

In the global list, ExxonMobil has replaced China’s PetroChina at the top, while US industrial conglomerate GE has retained its third place. Other companies in the top 10 include Gazprom, China Mobile, Industrial and Commercial Bank of China, Microsoft, AT&T, Royal Dutch Shell and P&G. Indian firms slip in global ranking; four move out of Top-500

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