Mcap of nine of top-10 most valued firms eroded Rs 4.74 lakh cr last week
Reliance, HDFC Bank hit hard; markets face heavy drubbing amid worsening tensions in Middle East and foreign fund outflows
Nine of the top-10 most valued firms together lost a whopping Rs 4,74,906.18 crore in market valuation last week, with Reliance Industries and HDFC Bank taking the steepest hit, in line with weak trends in equities.
Markets faced heavy drubbing last week amid worsening tensions in the Middle East and foreign fund outflows. In a holiday-shortened week, the BSE benchmark plummeted 3,883.4 points, or 4.53 per cent.
The valuation of Reliance Industries declined Rs 1,88,479.36 crore to Rs 18,76,718.24 crore.
HDFC Bank's market valuation slumped Rs 72,919.58 crore to Rs 12,64,267.35 crore.
Bharti Airtel's valuation plunged Rs 53,800.31 crore to Rs 9,34,104.32 crore and that of ICICI Bank tumbled Rs 47,461.13 crore to Rs 8,73,059.59 crore.
The valuation of Life Insurance Corporation of India (LIC) plummeted Rs 33,490.86 crore to Rs 6,14,125.65 crore and that of Hindustan Unilever tanked Rs 27,525.46 crore to Rs 6,69,363.31 crore.
The market capitalisation (mcap) of ITC dropped Rs 24,139.66 crore to Rs 6,29,695.06 crore and that of Tata Consultancy Services (TCS) eroded by Rs 21,690.43 crore to Rs 15,37,361.57 crore.
State Bank of India's valuation went lower by Rs 5,399.39 crore to Rs 7,10,934.59 crore.
However, the mcap of Infosys climbed Rs 4,629.64 crore to Rs 7,96,527.08 crore.
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, ITC, and LIC.