The combined market valuation of eight of the 10 most valued domestic firms eroded by ₹2 lakh crore last week, with Reliance Industries taking the biggest hit in line with a bearish trend in the broader stock market.
Equity benchmark indices Sensex and Nifty extended their downward trend to the eighth day in a row on Friday. In the past eight trading days, the BSE benchmark has tumbled 2,644.6 points or 3.36 per cent, and the Nifty slumped 810 points or 3.41 per cent.
While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Infosys, State Bank of India, Hindustan Unilever, Bajaj Finance and ITC faced a combined erosion of ₹2,03,952.65 crore in their valuation, Bharti Airtel and ICICI Bank emerged as the gainers.
The market capitalisation (mcap) of Reliance Industries tanked ₹67,526.54 crore to ₹16,46,822.12 crore. The valuation of TCS tumbled ₹34,950.72 crore to ₹14,22,903.37 crore.
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HDFC Bank’s mcap eroded by ₹28,382.23 crore to ₹12,96,708.35 crore and that of ITC plunged ₹25,429.75 crore to ₹5,13,699.85 crore.
The mcap of Infosys dropped ₹19,287.32 crore to ₹7,70,786.76 crore and that of State Bank of India declined ₹13,431.55 crore to ₹6,44,357.57 crore.
The market valuation of Hindustan Unilever diminished by ₹10,714.14 crore to ₹5,44,647 crore and that of Bajaj Finance dipped ₹4,230.4 crore to ₹5,20,082.42 crore.
However, the mcap of Bharti Airtel jumped ₹22,426.2 crore to ₹9,78,631.54 crore and that of ICICI Bank climbed ₹1,182.57 crore to ₹8,88,815.13 crore.
In the top-10 chart, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, Bajaj Finance and ITC.
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