New Delhi: Reliance Industries has reasserted its position as the bellwether of India Inc by becoming the only company in the 30-share bluechip club to have recovered all the losses incurred during May, which is referred to as the month of mayhem in the recent history of stock market.
The Corporate behemoth ended the month of June with a gain of more than 11 per cent, after recouping all the loss from a 6.7 per cent decline in its share price during May.
RIL has the biggest weightage on the Bombay Stock Exchange's 30-share benchmark Sensex.
The investors' wealth in RIL, based on the company's market capitalisation, had been eroded by about Rs 9,500 crore in May.
However, RIL's shareholders became richer by more than Rs 14,500 crore in the very next month as the company's share price rallied on the back of various positive news-flows such as huge investment plans announced by the company in retail, SEZs, polyster and other businesses.
Incidentally, none other stock on the 30-share benchmark index managed to recover the losses incurred during May in the following month.
As many as 14 Sensex stocks lost further ground in June, while 15 managed to end the month in positive territory but were unable to recover the previous month's losses.
While, stocks like Wipro, Maruti, Infosys, ITC, HDFC Bank, Gujarat Ambuja Cements and Grasim registered robust one-month gain at the end of June, those gains were not large enough to recover the losses incurred in the previous month.
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