Mcap of 8 top valued firms erode by ₹2.24 trn; Reliance, HDFC hit hard

The combined market valuation of eight of the top-10 most valued firms eroded by ₹2,24,630.45 crore last week, with Reliance Industries and HDFC Bank taking the biggest hit, in-line with a bearish trend in equities.

 

Last week, the BSE benchmark dropped 1,497.2 points, or 1.84 per cent.

 

From the top-10 pack, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance and Life Insurance Corporation of India (LIC) faced erosion from their market valuation, while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.

 

The market capitalisation (mcap) of Reliance Industries tumbled ₹70,707.17 crore to ₹18,36,424.20 crore.

 

HDFC Bank's valuation eroded ₹47,482.49 crore to ₹14,60,863.90 crore.

 

The mcap of ICICI Bank tanked ₹27,135.23 crore to ₹9,98,290.96 crore and that of Bharti Airtel dropped ₹24,946.71 crore to ₹10,77,213.23 crore.

 

The valuation of LIC fell ₹23,655.49 crore to ₹5,39,047.93 crore and that of State Bank of India dived ₹12,692.1 crore to ₹7,40,618.60 crore.

 

The mcap of Bajaj Finance declined ₹10,471.08 crore to ₹5,45,490.31 crore and that of Infosys edged lower by ₹7,540.18 crore to ₹6,10,463.94 crore.

 

However, the market valuation of TCS jumped ₹11,125.62 crore to ₹11,15,962.91 crore.

 

The mcap of Hindustan Unilever climbed ₹7,318.98 crore to ₹6,24,991.28 crore.

 

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