NEW DELHI: With just two days to go before Prime Minister Narendra Modi completes his second year in office, ‘Acche Din’ still looks distant for equity investors Data compiled by ETMarkets.com showed investors of 15 top Indian corporate houses have cumulatively lost 17 per cent of their wealth ever since Modi took over as the 15th Prime Minister of India on May 26, 2014.As of today, these 15 corporate houses have combined market value in excess of Rs 31 lakh crore, which is about one-third of BSE’s current market capitalisation at Rs 96 lakh crore.The combined market wealth of these corporate houses stood at Rs 37.44 lakh crore the day Modi took oath as PM and Rs 36.5 lakh crore at the end of his first year in office.Leading corporate houses such as Ambanis, Adanis , Jindals, Anil Agarwal’s Vedanta and Anil Ambani’s Adag have seen up to 51 per cent erosion in their market values ever since Modi took office.A slump in commodity prices globally and risk-off trade in emerging markets were main culprits behind the poor show. Earnings growth, too, took a hit due to delay in key reforms on the government side.“Valuations were bid up very high initially in the hope that major changes would be unleashed by the new government. They were factoring in expected earnings growth before hand,” said Siddharth Oberoi, founder at Prudent Equity.Four listed companies of Gautam Adani-led Adani group (including Adani Transmission) have a total market capitalisation of Rs 57,150 crore today, down 51 per cent from Rs 1,17,388 crore that three group firms enjoyed on May 26, 2014. Anil Ambani’s Adag group saw a 44 per cent plunge in the group’s market value to Rs 49,081 crore.The public sector firms witnessed a 26 per cent fall in their combined market cap to Rs 13.19 lakh crore in these two years.Among the commodity-focused groups, Mukesh Ambani-led Reliance group witnessed a 15 per cent fall in market value, Om Prakash Jindal’s Jindal group saw a 31 per cent squeeze, while Anil Agarwal’s Vedanta group has seen its combined market cap shrink 43 per cent to Rs 1.22 lakh crore. For Agarwal, the value was lower than the Rs 1.68 lakh crore market cap that the group commanded before the Modi Euphoria kicked in.“There has been a deceleration in the global economy in last two years with frequent downward revisions of growth forecasts by various rating agencies across the globe. In the same period, the US has delivered better corporate earnings than most emerging markets, which have been plagued by negative earnings growth, largely due to a crash in commodities,” Dharmesh Kant, Head of Retail Research at Motilal Oswal Securities, told ETMarkets.com.The BSE Sensex gained a mere 2 per cent during the period. Kant said the underperformance of the index can be attributed mainly to global headwinds and to some extent slow pace of reforms, particularly those that can throw up instant results, such as the GST.“With the fiscal position in a shambles and consumer inflation in double digits, the present government inherited an economy whose macro fundamentals were doddering and India was on the verge of a ratings downgrade to junk status. The country's progress from those macro-economic depths has been a Herculean achievement over a short span of two years,” Ajay Bodke, CEO & Chief Portfolio Manager, Prabhudas Lilladher, told ETMarkets.com.Some corporate biggies still managed to raise their valuations through these challenges.The most valued Tata group has seen a 9.5 per cent rise in market value to Rs 7,83,748 crore during the two-year period. Sunil Mittal’s Bharti Enterprises has seen a 16 per cent rise in market capitalisation, Ajay Piramal’s companies have gained 109 per cent, BK Birla firms 43 per cent and KK Birla group 21 per cent.“All the ingredients for a strong long-term upward move are in place and the arrival of monsoon will act as the trigger for a takeoff,” Bodke said.Kant said given the vulnerability of the market to global shocks, the government has done a remarkable job in managing the currency war and effectively utilising the benefits of falling crude prices to prevent a collapse of the market.