Mcap of 8 of top-10 most valued firms erode by Rs 2.24 lakh cr; Reliance, HDFC Bank biggest laggards
The combined market valuation of eight of India’s top-10 most valued companies plunged by nearly Rs 2.25 lakh crore last week. Reliance Industries and HDFC Bank accounted for the sharpest losses, dragging the Sensex lower.
The combined market valuation of eight of the top-10 most valued firms eroded by Rs 2,24,630.45 crore last week, with Reliance Industries and HDFC Bank taking the biggest hit, in line with a bearish trend in equities.
Last week, the BSE benchmark dropped 1,497.2 points, or 1.84 per cent.
From the top-10 pack, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance and Life Insurance Corporation of India (LIC) faced erosion from their market valuation, while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.
The market capitalisation (mcap) of Reliance Industries tumbled Rs 70,707.17 crore to Rs 18,36,424.20 crore.
HDFC Bank's valuation eroded Rs 47,482.49 crore to Rs 14,60,863.90 crore.
The mcap of ICICI Bank tanked Rs 27,135.23 crore to Rs 9,98,290.96 crore and that of Bharti Airtel dropped Rs 24,946.71 crore to Rs 10,77,213.23 crore.
The valuation of LIC fell Rs 23,655.49 crore to Rs 5,39,047.93 crore and that of State Bank of India dived Rs 12,692.1 crore to Rs 7,40,618.60 crore.
The mcap of Bajaj Finance declined Rs 10,471.08 crore to Rs 5,45,490.31 crore and that of Infosys edged lower by Rs 7,540.18 crore to Rs 6,10,463.94 crore.
However, the market valuation of TCS jumped Rs 11,125.62 crore to Rs 11,15,962.91 crore. The mcap of Hindustan Unilever climbed Rs 7,318.98 crore to Rs 6,24,991.28 crore.
Reliance Industries remained the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Hindustan Unilever, Infosys, Bajaj Finance and LIC.