Top Indian firms lose Rs 2.28 lakh crore in market valuation

The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank Ltd. and Reliance Industries Ltd. taking the biggest hit, amid an overall weak trend in equities.

Last week, the BSE benchmark fell 1,829.48 points or 2.69%, and the Nifty declined 518.1 points or 2.56%.

Equity markets were closed on Tuesday on account of Ganesh Chaturthi.

From the top-10 pack, Reliance Industries, HDFC Bank, ICICI Bank Ltd., Infosys Ltd., ITC Ltd., State Bank of India, Bharti Airtel Ltd. and Bajaj Finance Ltd. were the laggards while Tata Consultancy Services Ltd. and Hindustan Unilever Ltd. were the gainers.

The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8% last week.

The valuation of Reliance Industries plunged from Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company’s shares declined over 4% this past week.

ICICI Bank’s valuation dropped Rs 29,412.17 crore to Rs 6,65,432.34 crore and that of Bharti Airtel fell by Rs 12,964.55 crore to Rs 5,10,759.01 crore.

The market capitalisation (mcap) of Infosys declined by Rs 6,744.34 crore to Rs 6,20,893.53 crore and that of ITC went lower by Rs 6,484.52 crore to Rs 5,52,680.92 crore.

The mcap of Bajaj Finance fell by Rs 1,266.37 crore to Rs 4,52,773 crore, and that of the State Bank of India dipped by Rs 267.74 crore to Rs 5,33,781.04 crore.

However, Hindustan Unilever added Rs 2,913.49 crore, taking its valuation to Rs 5,83,239.04 crore. The mcap of TCS climbed from Rs 1,024.53 crore to Rs 13,18,228.14 crore.

In the ranking of top-10 firms, Reliance Industries remained the most valued company, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, ITC, State Bank of India, Bharti Airtel and Bajaj Finance. PTI