New Delhi: With the markets moving back and forth because of the economic instability due to Covid-19 and the lockdown, there has been a significant drop in market valuations globally which has dragged India out of the list of the world’s top 10 stock markets.

According to a Livemint report, India slipped out of the top 10 list on 23 March, when the markets witnessed one of the biggest one-day decline, with the 30-stock index Sensex falling 13.15 per cent.

India’s aggregate market cap on the day was at $1.31 trillion in dollar terms, and Rs 101.87 trillion in rupee terms. In rupee terms, aggregate market cap of all listed companies on Indian bourses has slipped 21.74 per cent to ₹121.73 trillion so far this year from Rs 155.54 trillion.

The ranking is based on Bloomberg data which captured the value of shares traded, or aggregate market capitalization of India, dipping 27.31 per cent in dollar terms from the start of 2020.

India’s benchmark indices moved into a bearish mode as the rupee also hit a record low against the dollar hinting at the sluggish economy. This pulls down India from the coveted $2-trillion market cap club to the 11th spot with $1.57 trillion mcap.

In January, India was at the 10th position with a market cap of $2.16 trillion, and attained the seventh spot in January 2019, with an aggregate market cap of $2.08 trillion.

So far, in 2020 global stock markets have lost 17.15 per cent in total value, from $86.99 trillion to $72.07 trillion. However, China, which was the epicenter of the Covid-19 outbreak, saw a market capitalization loss of 1.36 per cent at $7.24 trillion in 2020 so far.

With a market cap of $29.34 trillion (down 14.66 per cent in year-to-date) the US still tops the table. Losing market cap of 30.09 per cent in 2020 so far, the UK at fifth has witnessed the sharpest fall with a current market cap at $2.44 trillion.