Top 10 cos lose Rs 44,000 cr in a week
The country's 10 most valued firms witnessed an erosion of nearly Rs 44,000 crore in their market capitalisation last week, with MMTC and RIL being hammered the most losing over Rs 10,200 crore from their valuation.business Updated: Jan 26, 2009 02:27 IST
The country's 10 most valued firms witnessed an erosion of nearly Rs 44,000 crore in their market capitalisation last week, with MMTC and RIL being hammered the most losing over Rs 10,200 crore from their valuation.
At the end of Friday's trade, the market-cap of top 10 firms-- comprising six public sectors units and four private sector companies -- witnessed an erosion of Rs 43,970 crore in their valuation to Rs 9,78,634 crore.
Last week the market capitalisation of 10 elite companies was Rs 1,02,260.4 crore.
Meanwhile, state-run MMTC suffered the worst blow among the top 10 firms. The stock market turmoil wiped out Rs 10,870 crore from its valuation.
The scrip plunged 13 per cent during the week to settle at Rs 14,544.30 on the BSE. At the end of trade on Friday the market-cap of MMTC stood at Rs 72,722 crore.
Mukesh Ambani-led Reliance Industries was the second biggest loser in the elite group, with its valuation dropping by Rs 10,269 crore. At the end the Friday's trade, RIL's valuation stood at Rs 1,81,482.75 crore.
Meanwhile, RIL has posted a better-than-expected third quarter net profit at Rs 3,501 crore, a 10 per cent dip over the year-ago period.
Though the scrip gained some grounds during trade on Friday, it was volatile throughout the week and dipped 5.35 per cent at the end of Friday's trade.
While, public sector lender State Bank of India slipped to the seventh place, from the sixth position a week-ago, losing Rs 7,857 crore in its valuation.
The scrip which was beaten down nearly 11 per cent during the week, saw its valuation at Rs 66,139 crore at the end of trade on Friday.
IT bellwether Infosys Technologies, despite witnessing an erosion of Rs 3,682 crore in its valuation moved up in the ranking to the sixth spot. Infosys had a market-cap of Rs 68,942 crore at the end of last week's trade.
Power utility NTPC remained the most valued PSU entity in the country with a market capitalisation of Rs 1,47,923 crore, after losing a meagre Rs 371 crore.
State-run ONGC and telecom services provider Bharti Airtel saw an erosion of Rs 503 crore and Rs 3,265 crore from their market capitalisation, respectively.
Power equipment supplier Bhel and diversified conglomerate ITC saw a dip in their market valuation by Rs 3,786 crore and Rs 691 crore respectively.
Similarly, mineral giant NMDC, which lost over Rs 2,676 crore during the week, had its valuation at Rs 57,528 crore at the end of Friday's trade.
Apart from the companies in the elite club, ICICI Bank and HDFC Bank lost Rs 6,641 crore and 2,323 crore from their market valuations during the week.
At the end of trade on Friday, ICICI Bank's market capitalisation stood at Rs 40,556 crore and HDFC Bank's valuation was at Rs 37,512 crore.
RIL, the numero-uno in the list of the most valued firm, is followed by NTPC (Rs 1,47,924 crore), ONGC (Rs 1,38,128 crore), Bharti Airtel (Rs 1,16,864 crore), MMTC (Rs 72,722 crore), Infosys (Rs 68,943 crore), SBI (Rs 66,139 crore), BHEL (Rs 64,631crore), ITC (Rs 64,273 crore) and NMDC (Rs 57,528 crore).