The combined market valuation of six of India’s top 10 most valued companies declined by more than Rs 3 lakh crore last week, reflecting a broader bearish trend in the equity markets.
File Photo: IANS
The combined market valuation of six of India’s top 10 most valued companies declined by more than Rs 3 lakh crore last week, reflecting a broader bearish trend in the equity markets.
IT majors Tata Consultancy Services and Infosys emerged as the biggest laggards during the week.
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Apart from TCS and Infosys, other firms that witnessed erosion in their market capitalisation included HDFC Bank, Reliance Industries, Life Insurance Corporation of India, and Bharti Airtel. Meanwhile, gainers among the top firms were State Bank of India, Bajaj Finance, Larsen & Toubro, and ICICI Bank.
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TCS saw its market valuation tumble by Rs 90,198.92 crore to Rs 9,74,043.43 crore, while Infosys lost Rs 70,780.23 crore, taking its valuation to Rs 5,55,287.72 crore.
Among the gainers, SBI’s market capitalisation surged by Rs 1,22,213.38 crore to Rs 11,06,566.44 crore, and Bajaj Finance added Rs 26,414.44 crore to reach Rs 6,37,244.64 crore.
ICICI Bank’s valuation rose by Rs 5,719.95 crore to Rs 10,11,978.77 crore, while Larsen & Toubro gained Rs 14,483.9 crore to Rs 5,74,028.93 crore.
On the losing side, HDFC Bank’s valuation declined by Rs 54,627.71 crore to Rs 13,93,621.92 crore. Bharti Airtel lost Rs 19,244.61 crore to Rs 11,43,044.03 crore, while Reliance Industries’ market capitalisation dropped by Rs 41,883 crore to Rs 19,21,475.79 crore.
Reliance Industries remained the country’s most valued firm, followed by HDFC Bank, Bharti Airtel, SBI, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Infosys, and LIC.
On Friday, the Indian stock market ended lower by over one per cent in a highly volatile session. The BSE Sensex fell 1,048.16 points, or 1.25 per cent, to close at 82,626.76, while the Nifty 50 declined 336.10 points, or 1.30 per cent, to settle at 25,471.10.
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