Adani group stock rout takes India out of top-five on market capitalisation

India is no longer among the top-five nations in terms of market capitalisation (m-cap) as the close to $70 billion rout in Adani Group stocks has seen the domestic market slip to sixth position in the world.

France, which occupied the seventh place, has catapulted India and the United Kingdom to the fifth position. India’s m-cap is down $137 billion, or 4 per cent, so far this year and is the only market in the top 10 to see an erosion in market value.

At present, India’s m-cap is about 4 per cent more than the UK — also among the laggards this year.

Meanwhile, China, France and Germany have seen double-digit growth in their market value in 2023.

India’s ascent into the top five was on the back of sharp outperformance in 2022. During the year, India’s contribution to the world m-cap (currently at $104 trillion) too had topped the 4 per cent mark for the first time. The share has now slipped to 3.06 per cent, shows data provided by Bloomberg.