Market cap of 10 most valued firms erodes by ₹1.68 lakh crore: Report
Market sentiment remained weak amid surging COVID cases in China and a few other nations, while stronger US growth data cemented expectations of the Federal Reserve continuing with its hawkish stance.
The combined market valuation of the top 10 valued firms eroded by ₹1,68,552.42 crore last week, with Reliance Industries taking the biggest hit in an overall weak broader market.
Last week, the Sensex tumbled 1,492.52 points or 2.43 per cent. Market sentiment remained weak amid surging COVID cases in China and a few other nations, while stronger US growth data cemented expectations of the Federal Reserve continuing with its hawkish stance.
Reliance Industries' valuation tanked ₹42,994.44 crore to ₹16,92,411.37 crore. State Bank of India's market valuation tumbled ₹26,193.74 crore to ₹5,12,228.09 crore.
The valuation of HDFC Bank eroded by ₹22,755.96 crore to ₹8,90,970.33 crore and that of Life Insurance Corporation of India (LIC) plunged ₹18,690.03 crore to ₹4,16,848.97 crore.
The market capitalisation (mcap) of ICICI Bank diminished by ₹16,014.14 crore to ₹6,13,366.40 crore and that of Hindustan Unilever declined by ₹11,877.18 crore to ₹6,15,557.67 crore.
The mcap of Infosys slumped ₹10,436.04 crore to ₹6,30,181.15 crore and that of HDFC went lower by ₹8,181.86 crore to ₹4,78,278.62 crore.
Bharti Airtel's mcap declined by ₹7,457.25 crore to ₹4,49,868.21 crore and that of Tata Consultancy Services (TCS) dipped ₹3,951.78 crore to ₹11,80,885.65 crore.
In the ranking of top-10 companies, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, State Bank of India, HDFC, Bharti Airtel and LIC.