New Delhi: The combined market valuation of seven of the top-10 most-valued firms eroded by Rs 2 lakh crore last week, with Tata Consultancy Services and Reliance Industries emerging as the biggest laggards, in-tandem with a bearish trend in equities.
Last week, the BSE benchmark Sensex tanked 1,829.33 points, or 2.33 per cent, and the NSE Nifty dropped 455.6 points, or 1.87 per cent.
“Markets ended lower after two consecutive weeks of gains, weighed down by heightened geopolitical tensions and weak earnings commentary from IT majors,” Ajit Mishra — SVP, Research, Religare Broking Ltd, said.
Global developments continued to dominate market direction, with ongoing uncertainty around the West Asia crisis and concerns over supply disruptions keeping crude oil prices elevated, he added.
The combined market valuation of seven of the top-10 most valued firms dropped by Rs 2,05,343.06 crore.
The market valuation of Tata Consultancy Services (TCS) tumbled Rs 66,699.44 crore to Rs 8,67,364.12 crore.
Reliance Industries lost Rs 50,670.34 crore from its valuation, which stood at Rs 17,96,647.50 crore.
The valuation of HDFC Bank dived Rs 23,090.05 crore to Rs 12,08,225.48 crore and that of Life Insurance Corporation of India (LIC) dropped by Rs 19,670.75 crore to Rs 5,13,020.56 crore.
The market capitalisation (mcap) of Bharti Airtel declined Rs 19,406.59 crore to Rs 11,05,718.62 crore.
ICICI Bank’s mcap edged lower by Rs 14,663.27 crore to Rs 9,50,345.40 crore and that of Larsen & Toubro diminished by Rs 11,142.62 crore to Rs 5,52,171.88 crore.
However, the valuation of Hindustan Unilever jumped Rs 20,652.91 crore to Rs 5,47,219.80 crore.
The mcap of State Bank of India climbed Rs 19,522.76 crore to Rs 10,16,752.53 crore and that of Bajaj Finance went up by Rs 8,253.64 crore to Rs 5,73,690.81 crore.
Reliance Industries remained the most-valued domestic firm followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever, and LIC.
PTI
