In layman language, Market Cap means total current market value of outstanding shares of the company. Its based on the current value of the shares of the company. Outstanding Shares means shares issued by the company that have been held by the investors.
source https://www.caclubindia.com/articles/market-capitalization-48831.asp
source https://www.caclubindia.com/articles/market-capitalization-48831.asp
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