Fears of recession in US plague m-cap of bluechips

Fears of possible recession in the US and acute debt crisis in the euro zone that led to a massive fall in the stock market last week, also plagued the market value of blue-chip entities like TCS, RIL, Infosys among others.

The stock market lost nearly 900 points during the past week and suffered a single day fall of 387.31 points on Friday that pulled down the Sensex to 17,305.87, the level last seen on June 10 last year.

The market capitalisation (m-cap) of eight of the country's top-10 firms declined sharply by Rs 73,396.47 crore, with the country's biggest IT exporter TCS bearing the maximum loss.

IT bellwether, TCS and Infosys that rely on the US and the European market for about 60% of their revenue saw a huge dip in their market-cap.

The market worth of TCS dropped by Rs 15,217.23 crore to Rs 2,06,817.32 crore, while that of Infosys reduced by Rs 10,119.92 crore to Rs 1,48,744.2 crore.

During the week, shares of TCS tumbled by nearly 7% and that of Infosys slipped by over 6% over weakness in the US economy that triggered fears that this may impact the revenue growth of the domestic IT companies.

The country's most valued firm Reliance Industries' market value diminished by Rs 11,803.75 crore to Rs 2,59,207.58 crore.

FMCG major ITC's m-cap eroded by Rs 9,143.7 crore to Rs 1,52,265.89 crore.

Bharti Airtel saw its market value dipping by Rs 8,297.58 crore to Rs 1,57,654.04 crore.

ICICI Bank lost Rs 8,255.37 crore from its market cap which stood at Rs 1,11,312.11 crore, while SBI's market worth declined by Rs 6,930.92 crore to Rs 1,41,783.74 crore.

NTPC saw a decline of Rs 3,628 crore from its market cap which was at Rs 1,41,739.46 crore.

In contrast to huge losses suffered by these companies, ONGC saw gain in its market value on possibility of de-control of diesel prices.

The market value of ONGC swelled by Rs 6,373.83 crore to Rs 2,36,216.8 crore.

Coal India also saw addition in its market cap after its valuation rose by Rs 2,779.19 crore to Rs 2,47,822.38 crore