India’s biggest capital goods company, Bharat Heavy Electrical (BHEL), has lost so much value that it now commands a market capitalisation smaller than that of Siemens India, reports fe Bureau in Mumbai. At Rs 42,894 crore, BHEL is now less valuable than Siemens, which commands a market cap of Rs 44,098.4 crore. At the start of 2015, the PSU was valued twice as much as the Indian subsidiary of the German multinational. But an 80% fall in Q1FY16 earnings, followed by a net loss of Rs 204.9 crore in Q2FY16, has prompted the Street to do a rethink.