Half of stocks on BSE available for a dollar

By: | Updated: August 31, 2018 5:36 AM

Of the total 2,957 companies that traded on the bourses on Thursday, the stock price of 1,468 companies stood at less than Rs 71 per share, showed data

With the rupee plunging to a record low of 70.86 against the dollar on Thursday, half the stocks on the BSE are currently available for one US dollar!

Of the total 2,957 companies that traded on the bourses on Thursday, the stock price of 1,468 companies stood at less than Rs 71 per share, data sourced from Bloomberg revealed.

Idea Cellular, a BSE100 constituent, is currently trading at Rs 49.85 per share on the BSE. Similarly, stock prices of nine companies from the BSE200 index and shares of 47 companies from the BSE 500 index quoted below a dollar on Thursday.

The major companies which command a market price of less than a dollar are IDBI Bank, Central Bank of India, NHPC, Reliance Power, Adani Power and GMR Infrastructure.

However, the combined valuation of these 1,468 is a mere Rs 5.7 lakh crore,which is just 3.6% of the country’s market capitalisation of Rs 159 lakh crore.

The aggregate market capitalisation of companies with market price of a US dollar is less than that of Reliance Industries (RIL), Tata Consultancy Services and HDFC Bank.

So far this year, the rupee has weakened 9.7% and is the worst performer among Asian currencies. Foreign portfolio investors (FPIs) have sold $396 million and $5.4 billion in equity and debt markets, respectively, in 2018.

The dollar index, which measures the US currency’s strength against major currencies, was trading flat at 94.593.

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