Mcap of top-10 most valued companies erodes by over ₹2.53 lakh

The top-10 most valued companies suffered a combined erosion of ₹2.53 lakh crore in market valuation last week, as the domestic equity benchmarks witnessed heavy selling in line with the global market rout.

Benchmark indices witnessed nearly a 4 per cent cut last week as FPIs booked profits across large-caps and select mid-caps. On a weekly basis, the Sensex lost 2,185.85 points or 3.57 per cent, while the Nifty slumped 638.60 points or 3.49 per cent.

Mirroring the lacklustre trend in the broader market, the combined market capitalisation (m-cap) of the country’s top-10 firms eroded by ₹2,53,394.63 crore during last week.

Corporate major Reliance Industries’ m-cap fell by ₹40,974.25 crore to ₹16,76,291.69 crore.

IT bellwethers – TCS and Infosys Technologies – together lost ₹1,09,498.10 crore from their cumulative market cap. The m-cap of TCS stood at ₹14,18,530.72 crore, while that of Infosys was at ₹7,51,144.40 crore.

Country’s top lenders HDFC Bank, ICICI Bank and SBI saw a cumulative erosion of ₹29,239.04 crore in their market capitalisation.

HDFC Bank’s valuation dipped by ₹13,563.15 crore to ₹8,42,876.13 crore.

The m-cap of State Bank of India (SBI) tanked by ₹4,863.91 crore to ₹4,48,729.47 crore and that of ICICI Bank slumped by ₹10,811.98 crore to reach ₹5,58,699.39 crore.

The valuation of Hindustan Unilever Ltd (HUL) tanked by ₹9,938.77 crore to ₹5,45,622.08 crore and that of Bajaj Finance declined by ₹27,653.67 crore to ₹4,45,033.13 crore.

HDFC’s valuation slipped by ₹22,003.75 crore to ₹4,69,422.38 crore.

Telecom major Bharti Airtel also witnessed a dip of ₹14,087.05 crore from its market valuation which stood at ₹3,81,723.36 crore.

In the ranking of top-10 firms, Reliance Industries was leading the chart, followed by Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, HDFC, State Bank of India, Bajaj Finance and Bharti Airtel. PTI