The market capitalisation (m-cap) of nine of the country's top 10 firms diminished by Rs. 67,964.18 crore during the week, with oil and gas major ONGC bearing the maximum brunt.
Incidentally, Reliance Industries (RIL), which added Rs. 2,206.11 crore to its market worth of Rs. 3,48,530.06 crore as on Friday's trade, was the only firm to buck the trend.
The other top 10 firms saw a decline in their respective valuations, including the top lenders SBI and ICICI Bank. State run ONGC saw an erosion of Rs. 18,779.28 crore from its valuation, which stood at Rs. 2,57,862.17 crore as on Friday's trade on the Bombay Stock Exchange (BSE).
During the week, shares of ONGC plunged by 87.8 points or 6.78%t to close at Rs. 1,205.60 on BSE. SBI and ICICI Bank together emerged as the major turn off for the broader market.
These two firms lost Rs. 24,509.72 crore from their cumulative market valuations. The m-cap of SBI was Rs. 1,65,087.88 crore, while that of ICICI Bank was Rs. 1,20,371.18 crore.
According to market observers, the fall in the m-cap of the banking majors is by and large due to fear of another rate hike by the RBI this month. This concern has crippled the sector as they belong to a rate sensitive arena, they added.
Similarly, IT giants, TCS and Infosys Technologies together lost Rs. 9,096.48 crore from their combined market valuations during the week. The m-cap of TCS stood at Rs. 2,23,433.95 crore, while that of Infosys was at Rs. 1,93,277.5 crore.
With an m-cap of Rs. 1,95,143.94 crore, Coal India too witnessed an erosion of Rs. 3,505.58 crore from its valuation. State run NTPC's valuation also dipped by Rs. 3,050.82 crore to Rs. 1,62,353.11 crore, while FMCG major, ITC also suffered a loss of Rs. 1,541.18 crore to take its valuation to Rs. 1,32,926.78 crore.
Meanwhile, during this period, the BSE 30 share index, Sensex, too lost 3.98% to close at 19,691.81.