MUMBAI: India has dropped out of the list of the world’s top 10 stock markets as the covid-19 pandemic led to a rout in global equities, ravaging valuations significantly this year.
India’s benchmark indices entered a bear market, and the rupee hit a record low against the dollar, indicating fragile economic activity.
Bloomberg data showed value of all shares traded, or aggregate market capitalization of India, fell 27.31% in dollar terms from the beginning of the year.
India is no longer part of the $2-trillion market cap club, falling to the 11th spot in the league table with $1.57 trillion mcap.