Eight of top 10 most-valued firms take ₹1.65 lakh cr hit in mcap
Last week saw a 1,906.01 points drop in BSE Sensex, driven by inflation worries and poor corporate earnings, affecting top firms' market valuations.
Eight of the top-10 most valued firms together lost ₹1,65,180.04 crore from market valuation in a holiday-shortened last week, with HDFC Bank and State Bank of India taking the hardest hit in line with a weak trend in equities.
Last week, BSE benchmark Sensex fell by 1,906.01 or 2.39 per cent.
Equity markets were closed on Friday for Guru Nanak Jayanti.
"Mounting concerns over rising CPI inflation and persistent disappointments in corporate earnings weighed heavily on sentiment," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
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The valuation of HDFC Bank tanked by ₹46,729.51 crore to ₹12,94,025.23 crore.
State Bank's market valuation eroded by ₹34,984.51 crore to ₹7,17,584.07 crore.
The valuation of Hindustan Unilever slumped ₹27,830.91 crore to ₹5,61,329.10 crore, and that of Reliance Industries declined by ₹22,057.77 crore to ₹17,15,498.91 crore.
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The market capitalisation (mcap) of ITC dived ₹15,449.47 crore to ₹5,82,764.02 crore, and Bharti Airtel tumbled ₹11,215.87 crore to ₹8,82,808.73 crore.
The valuation of Life Insurance Corporation of India (LIC) dropped ₹4,079.62 crore to ₹5,74,499.54 crore, and that of ICICI Bank dipped ₹2,832.38 crore to ₹8,85,599.68 crore.
However, the mcap of Infosys climbed ₹13,681.37 crore to ₹7,73,962.50 crore.
Also, Tata Consultancy Services (TCS) added ₹416.08 crore in market cap to ₹15,00,113.36 crore.
Reliance Industries remained the most valued domestic firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC and Hindustan Unilever.
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