Seven of the 10 most valued Indian companies suffered a cumulative erosion of Rs 89,779.67 crore in market valuation last week, in tandem with a weak broader market.
Seven of the 10 most valued Indian companies suffered a cumulative erosion of Rs 89,779.67 crore in market valuation last week, in tandem with a weak broader market. Over the last week, the Sensex lost a hefty 1,249.04 points, or 3.28 per cent, to end at 36,841.60. Reliance Industries Ltd (RIL) took the steepest hit among the top-10 firms. Barring Tata Consultancy Services (TCS), HDFC Bank and ONGC, rest seven companies, including SBI, Maruti Suzuki India, HDFC and Infosys, witnessed losses in their market capitalisation (m-cap) for the week ended Friday. RIL’s m-cap tumbled by Rs 22,530.89 crore to Rs 7,71,293.11 crore. SBI took the second biggest hit as its market valuation dived by Rs 18,161.51 crore to Rs 2,41,008.49 crore.
The valuation of Maruti slumped Rs 17,922.23 crore to Rs 2,42,858.77 crore and that of HDFC tanked Rs 13,524.56 crore to Rs 3,10,784.44 crore. The market cap of Infosys eroded by Rs 12,624.11 crore to Rs 3,08,538.89 crore and that of ITC declined Rs 3,178.98 crore to Rs 3,71,527.02 crore. Also, the m-cap of Hindustan Unilever Ltd (HUL) dipped by Rs 1,837.39 crore to Rs 3,51,029.61 crore..
On the other hand, the market cap of TCS jumped by Rs 15,506.65 crore to reach Rs 8,05,455.65 crore. ONGC added Rs 9,240.57 crore to Rs 2,31,126.57 crore and HDFC Bank’s m-cap rose by Rs 6,095.67 crore to Rs 5,34,530.67 crore. In the ranking of top 10 firms, TCS was at number one position, followed by RIL, HDFC Bank, ITC, HUL, HDFC, Infosys, Maruti, State Bank of India (SBI) and ONGC.