Mcap of 8 of top-10 most valued firms erodes by Rs 3 trn; TCS hit hard

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The combined market valuation of eight of the top-10 most valued firms eroded by Rs 3,09,244.57 crore in a holiday-shortened last week, with Tata Consultancy Services taking the biggest hit, in line with bearish trend in equities.

Last week, the BSE benchmark gauge Sensex tanked 2,112.96 points or 2.80 per cent, and the NSE Nifty tumbled 671.2 points or 2.94 per cent.

In February alone, the Nifty dropped 1,383.7 points or 5.88 per cent. The Sensex lost 4,302.47 points or 5.55 per cent.

The market valuation of Tata Consultancy Services (TCS) plunged Rs 1,09,211.97 crore to Rs 12,60,505.51 crore, the most among the top-10 firms. With the sharp decline in its market valuation TCS slipped to the third rank in the top-10 most valued firms chart from the previous second place. HDFC Bank overtook TCS to become the second most valuable firm.

The valuation of Infosys tanked Rs 52,697.93 crore to Rs 7,01,002.22 crore.

Bharti Airtel's market valuation eroded by Rs 39,230.1 crore to Rs 8,94,993.67 crore and that of Reliance Industries dropped Rs 38,025.97 crore to Rs 16,23,343.45 crore.

State Bank of India's valuation diminished by Rs 29,718.99 crore to Rs 6,14,236.97 crore.

The market capitalisation (mcap) of ICICI Bank slumped Rs 20,775.78 crore to Rs 8,49,803.90 crore.

Hindustan Unilever's mcap declined by Rs 11,700.97 crore to Rs 5,14,983.41 crore.

The valuation of ITC dipped Rs 7,882.86 crore to Rs 4,93,867.57 crore.

However, the mcap of HDFC Bank jumped Rs 30,258.49 crore to Rs 13,24,411.31 crore.

Bajaj Finance added Rs 9,050.24 crore taking its valuation to Rs 5,29,516.99 crore.

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