Exxon Mobil overtakes Apple as world’s most valuable company

Apple surrendered the title of the world’s most valuable company to Exxon Mobil after concern over slowing growth drove the shares to the biggest loss in the Standard & Poor’s 500 Index.

Apple’s reign as the No 1 stock ended after the shares slumped 17% this year.

The decline reduced its market capitalisation to $413.7bn (€306bn), below Exxon Mobil’s $416.5bn.