Index heavyweight Reliance Industries Ltd. and Infosys Ltd. contributed the most to the benchmark Nifty 50 falling nearly 9%, or 2,461.2 points, from the record high hit in late September. Reliance Industries and Infosys dragged the Nifty by 343.88 points and 122.56 points, respectively, according to data on the National Stock Exchanges.
Reliance Industries holds the third position with 8.16% weightage in the Nifty 50 index. Infosys has 0.64% weightage in the index.
Bharti Airtel Ltd. was the third top dragger of the Nifty 50. The index weighed 97.82 points on the benchmark index.
While most of the large-cap companies' stocks weighed on the Nifty 50 in the last one and a half months, gains in the State Bank of India, Tech Mahindra Ltd. Wipro Ltd. capped the losses.
Top contribution to the Nifty 50's decline from record high.
The Nifty 50 declined 8.68% from the record high of 26,277.35 it hit on Sept. 27. The index witnessed its steepest intraday decline in over a month on Monday. It declined 2.01% to 23,816.15.
The benchmark index extended losses to Tuesday's session. It was trading 90.35 points, or 0.38%, lower at 23,905.00, as of 12:42 p.m.
The Nifty 50 has been on a declining trajectory as second quarter earnings from India Inc. reflected the impact of low consumption, which affected the investors' risk appetite.
The Nifty 50 declined 8.68% from the record high of 26,277.35
Among the top 10 stocks in the benchmark Nifty 50, based on weightage, IndusInd Bank Ltd. fell the most from its record high. It touched the record high of Rs 2,038.00 apiece on Aug. 8, 2018. The stock declined 47.80% from its lifetime high, as of Nov 4.
Reliance Industries Ltd. was the second to decline the most from its life high. The stock witnessed a decline of 19.06% from the all-time high level of Rs 1,608.8 apiece.
Reliance Industries was the top dragger of the Nifty 50 on Nov. 4. Monday, when the stock experienced its lowest level in over 10 months after its bonus shares started to trade on the bourses.
Axis Bank Ltd. emerged as the third top loser compared to its peers as it declined 14.96% from its record high of Rs 1,339.65 apiece.
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