Mcap of 5 of top-10 valued firms tumbles Rs 1.85 trn; HDFC Bank hit hard

The combined market valuation of five of the top-10 most-valued firms tumbled Rs 1,85,952.31 crore last week, with HDFC Bank taking the biggest hit, in-line with a weak trend in domestic equities.

Last week, the BSE benchmark slumped 1,844.2 points or 2.32 per cent, and the Nifty dropped 573.25 points or 2.38 per cent.

While Reliance Industries, HDFC Bank, ICICI Bank, State Bank of India and ITC faced erosion from their market valuations, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Hindustan Unilever and the latest entrant in the top-10 pack -- HCL Technologies, were the gainers.

The market capitalisation (mcap) of HDFC Bank dropped by Rs 70,479.23 crore to Rs 12,67,440.61 crore.

The Kolkata-based diversified entity ITC's valuation tumbled Rs 46,481 crore to Rs 5,56,583.44 crore.

The mcap of State Bank of India slumped Rs 44,935.46 crore to Rs 6,63,233.14 crore and that of Reliance Industries eroded by Rs 12,179.13 crore to Rs 16,81,194.35 crore.

ICICI Bank's valuation declined by Rs 11,877.49 crore to Rs 8,81,501.01 crore.

However, TCS added Rs 60,168.79 crore taking its mcap to Rs 15,43,313.32 crore.

Shares of Tata Consultancy Services jumped nearly 6 per cent on Friday after the IT services firm reported an 11.95 per cent jump in December quarter net profit to Rs 12,380 crore.

The market valuation of HCL Tech jumped Rs 13,120.58 crore to Rs 5,41,539.01 crore.

The valuation of Infosys surged Rs 11,792.44 crore to Rs 8,16,626.78 crore and that of Bharti Airtel climbed Rs 8,999.41 crore to Rs 9,19,933.99 crore.

The mcap of Hindustan Unilever rallied Rs 8,564.26 crore to Rs 5,73,758.44 crore.

Reliance Industries remained the most valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and HCL Tech.