India's mcap drops below $3 trillion

For the first time ever in 9 months, India's market capitalisation has dropped below $3 trillion, as per a Moneycontrol report. This drop is primarily due to the consistent selling pressure caused by the instability of banks in the U.S and Europe.

The report says that India's market capitalization currently stands at $2.99 trillion, a level which was last seen on 23 June 2022. It is currently ranked sixth among the top 10 most valued countries. Since the beginning of this year, it has experienced a decline of almost $300 billion mcap

In comparison, the United States holds the top spot with a market capitalization of $41.83 trillion, followed by China with $10.67 trillion and Japan with $5.59 trillion. Hong Kong is ranked fourth with a market capitalization of $5.35 trillion, while France holds the fifth position with a market capitalization of $3.06 trillion.

As per experts, the volatility is likely to continue, given the global financial situation and the banking crisis.