The combined market valuation of the top-10 most valued firms eroded by Rs 2,99,661.36 crore last week, in line with a bearish trend in equities. Tata Consultancy Services (TCS) recorded the sharpest drop among them.
The market valuation of Tata Consultancy Services (TCS) tumbled Rs 97,597.91 crore to Rs 10,49,281.56 crore, the steepest decline among the top 10 firms.
Despite the market downturn, Reliance Industries retained its position as the most valued company in India. It was followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever, and Life Insurance Corporation of India (LIC).
Infosys lost Rs 38,095.78 crore in market capitalisation, ending the week at Rs 6,01,805.25 crore.
Reliance Industries’ valuation eroded by Rs 40,462.09 crore to Rs 18,64,436.42 crore while Bharti Airtel’s valuation fell by Rs 26,030.11 crore to Rs 10,92,922.53 crore.
The market valuation of State Bank of India dipped by Rs 4,846.07 crore to Rs 7,91,063.93 crore.
The market capitalisation (mcap) of HDFC Bank tanked by Rs 33,032.97 crore to Rs 14,51,783.29 crore, and that of ICICI Bank saw a drop of Rs 29,646.78 crore to Rs 9,72,007.68 crore.
The market capitalisation of Life Insurance Corporation of India (LIC) declined by Rs 13,693.62 crore to Rs 5,51,919.30 crore.
Further, the mcap of Hindustan Unilever dropped by Rs 11,278.04 crore to Rs 5,89,947.12 crore, and that of Bajaj Finance declined by Rs 4,977.99 crore to Rs 6,12,914.73 crore.
On Friday, bearish sentiment continued to dominate the stock market, dragging the Nifty below the 24,650 mark during intraday trade. Selling was seen across sectors, especially in pharma stocks. IT stocks also plunged following a weak growth outlook from Accenture.