Correction shaves off Rs 60,600 cr m-cap of top seven cos

Sun Pharma takes hardest hit, loses Rs 26,000 cr; TCS, HDFC Bank, ONGC among other big losers

Seven of the top 10 most valued Indian companies saw a combined erosion of Rs 60,600 crore in market valuation last week on account of correction, with Sun Pharma taking the hardest hit.

While TCS, HDFC Bank, CIL, ITC, ONGC, Sun Pharma and SBI ran up losses in their market capitalisation (m-cap), RIL, Infosys and HDFC made gains.

The m-cap of Sun Pharma tumbled Rs 26,614.38 crore to Rs 2,01,111.83 crore, the most among the top 10 firms.

Sun Pharma shares saw massive selling on Tuesday after the drug major said it expects a dent in profit for the fiscal due to charges stemming from the ongoing integration with Ranbaxy Laboratories.

TCS' market valuation dropped Rs 10,890.53 crore to Rs 4,90,416.52 crore and ONGC lost Rs 8,084.94 crore to Rs 2,42,163.15 crore.

The m-cap of ITC plunged Rs 5,911.21 crore to Rs 2,52,028.21 crore and that of SBI plummeted Rs 5,712.49 crore to Rs 1,99,369.58 crore.

CIL's valuation declined Rs 2,494.96 crore to Rs 2,69,013.96 crore and that of HDFC Bank fell Rs 891.56 crore to Rs 2,77,968.20 crore.

In stark contrast, the market cap of Infosys jumped Rs 20,063.81 crore to Rs 2,50,217.67 crore.

Similarly, HDFC added Rs 4,311.4 crore at Rs 2,13,512.90 crore and RIL witnessed a rise of Rs 1,067.11 crore at Rs 3,31,879.63 crore.

TCS took the top spot in the domestic market cap chart followed by RIL, HDFC Bank, CIL, ITC, Infosys, ONGC, HDFC, Sun Pharma and SBI.

Last week, the 30-share Sensex ended at 28,112.31, down 351 points.