According to the MSCI Emerging Market Index, Tencent’s market cap has declined the most in July. He has a loss of $ 170.2 billion.
So far in July, 12 lakh crores of investors have been sunk.
Tencent is a very big name in the world of technology. As long as the Xi Jinping government was at the head of this Chinese company, the good days of this company were going on. At that time this company was like a darling stock for investors. At this time it has become the world’s worst performing company.
According to a Bloomberg report, the stock has fallen 23 percent so far in July. Due to this, investors have lost $ 170 billion. This amount is equal to the market cap of the country’s largest company Reliance Industries. According to the report, it is at the top of the list of companies that drowned the investors of the stock market in July. 9 of the world’s top-10 companies that drowned investors in July are from China. This includes companies like Meituan and Jack Ma’s Alibaba Group.
Tech companies on target of government
Shenjiang-based Tencent has been on the target of the Chinese government for some time now. The government there is running an official campaign regarding data security and financial stability. Under this campaign, the technology companies there are being targeted.
The company has been the worst performer in July
According to the MSCI Emerging Market Index, Tencent’s market cap has declined the most in July. He has a loss of $ 170.2 billion. After that Alibaba Group has lost $ 103.9 billion, Meituan $ 87.98 billion, Pinduoduo $ 59.50 billion and Kweichow Moutai $ 49 billion.
Shares closed at 492 Hong Kong dollar
According to the data available on Investing.com’s website, today the share of Tencent Holdings Ltd closed at the level of 492 Hong Kong dollars with a gain of 10 percent. The company’s market cap today stands at US$ 4.72 trillion. The company still faces regulatory problems. Despite this, analysts are advising to buy this stock by calling it undervalued. 62 out of 68 analysts have given buying advice. He has kept the target price for this stock at 736.30 Hong Kong dollars. This is 65 percent more than the current level.
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