Ice Sector Sees Rs 24397cr Dip In Market Cap

The information technology, communication and entertainment (ICE) sector was the most hit in terms of market capitalisation yesterday due to the crash at the bourses.

The market capitalisation of the sector plunged by Rs 24,397 crore or 8.32 per cent to Rs 2,68,839 crore. The total market capitalisation of the Bombay Stock Exchange slipped by Rs 34,044 crore (4.5 per cent) to Rs 7,22,015 crore. The ICE sector accounts for 37.2 per cent of the total market capitalisation of BSE.

The market capitalisation of the ICE sector has plunged by Rs 3,54,643 crore from its peak of Rs 6,23,482 crore on February 21, 2000. Information technology firms, which account for 28.4 per cent of BSE's market capitalisation, dropped by 7.73 per cent or Rs 17,167 crore. The current market capitalisation of the infotech sector is Rs 2,05,024 crore.

Among information technology companies, Wipro, Infosys Technologies, Satyam Computer, HCL Technologies and Information Technologies were the few ones which saw major erosion in terms of market capitalisation. The telecommunication sector plunged by 9.3 per cent or Rs 3,731 crore to Rs 36,478 crore.

The entertainment sector witnessed a dip of 11.4 per cent or Rs 3,499 crore. Its current market capitalisation stands at Rs 27,337 crore. Media major Zee Telefilms contributed largely to the segment's fall. The company's market capitalisation was down Rs 3,041 crore or 12 per cent to its previous close. Its current market capitalisation now stands at Rs 22,318 crore.

Tractor companies stood second in terms of dip in market capitalisation in per cent. Its market capitalisation slipped 10.2 per cent to Rs 4,607 crore.