The value of a firm’s equity can be thought of as the difference between the value of its assets and the value of its debt. There is no rocket science in this definition - this is an accounting identity. However, when the value of the firm’s debt exceeds the value of its assets, the value of the equity doesn’t go negative. Limited liability implies that the value of the firm’s equity is floored at zero. Once the value of the assets is equal to the value of the debt, any further losses are taken by the owners of the debt.
Actual gap is lower as 50% reliance retail is double counted jio /fuel vouchers