NEW DELHI: Global tech giants Facebook, Apple, Amazon, Netflix, and Google-parent company Alphabet, commonly referred to as FAANG, have together wiped out some $1 trillion worth of investor wealth in their slide from respective high levels hit during second half of 2018.The value wiped off so far is higher than total market capitalisation of top 50 companies that comprise NSEs Nifty pack.
The market capitalisation of Nifty companies stood at Rs 78.29 lakh crore (around $1.11 trillion) on January 2.The market value of Facebook plunged by $238 billion to $389.92 billion as of January 2 from its high of $627 billion hit on July 25, 2018.
Likewise, market-caps of Apple and Amazon declined 32 per cent and 24 per cent to $749.39 billion and 752.59 billion, respectively.
Apples market was around $1,103 billion on October 3, while that of Amazon was $994.75 billion at its peak on September 4.
M-cap of top 4 Indian companiesApples total wealth erosion of approximately $354 billion equalled combined capitalisation of four Indian blue chips TCS, RIL and HDFC Bank and HUL.Facebook shares witnessed severe selling pressure amid rising concerns over social media giants data sharing practices.
Apples shares tanked 8 per cent on Wednesday after company cut guidance for crucial holiday-heavy quarter, blaming weak China sales and fewer iPhone upgrades.Netflix and Alphabets market-caps tanked 36 per cent and 18 per cent, respectively, to $116.76 billion and $725.35 billion from their July highs.In India, Tata Consultancy Services (Rs 7,21,696 crore) is most valued firm in terms of market value, followed by Reliance Industries (Rs 701298 crore), HDFC Bank (Rs 5,78,845 crore) and Hindustan Unilever (Rs 3,86,303 crore).