Realty, infrastructure groups lead race to the bottomIndia’s richest business houses would like to forget 2008 in a hurry. The market capitalisation of the top 20 business houses fell a whopping 65 per cent (Rs 16.73 lakh crore) over the previous year, courtesy the mayhem in the stock markets, performing far worse than the Bombay Stock Exchange’s benchmark Sensex (down 52.5 per cent) and the broadbased BSE-500 index (down 58.3 per cent).
Predictably, the credit risk that began with the housing bubble has hurt real estate stocks the most. So no surprises that Ramesh Chandra, the biggest value creator in the bull markets, saw the market value of Unitech, his flagship realty firm, decline 92.2 per cent in one year, the most among the largest business groups by market capitalisation (m-cap).
DLF is the other real estate firm to figure in the losers’ list with its m-cap eroding 74 per cent. The K P Singh-promoted firm ranks fourth in the list of firms that saw the biggest percentage fall in their m-cap.
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