New Delhi: Six of the 10 most valuable firms suffered a combined erosion of Rs 1,68,260.37 crore from their market valuations last week, pulled down by IT major TCS amid an overall weak trend in the equity market. Gone. BSE’s 30-share benchmark Sensex had fallen 721.06 points, or 1.32 per cent, last week. From the laggards, Tata Consultancy Services (TCS) took the biggest hit as its market valuation declined by Rs 99,270.07 crore to Rs 10,95,355.32 crore. TCS shares fell last week after the company’s June quarter earnings did not meet market expectations.
Another IT giant Infosys also suffered a loss of Rs 35,133.64 crore, taking its valuation to Rs 6,01,900.14 crore. (Also read: ‘Who would have thought 75 years ago…’: Zerodha co-founder backs Indian-origin Rishi Sunak, possibly the next UK PM)
The market valuation of HDFC Bank fell by Rs 18,172.43 crore to Rs 7,57,659.72 crore and that of State Bank of India (SBI) declined by Rs 8,433.76 crore to Rs 4,27,488.90 crore. (Also Read: GST On Packaged Food: Rice Will Cost Higher In Tamil Nadu)
The market capitalization (m-cap) of HDFC declined by Rs 4,091.62 crore to Rs 4,02,121.99 crore and that of ICICI Bank declined by Rs 3,158.85 crore to Rs 5,22,498.11 crore.
In contrast, the valuation of Hindustan Unilever Limited (HUL) rose by Rs 17,128.52 crore to Rs 6,03,551.26 crore.
Reliance Industries added Rs 6,801.72 crore, taking its market valuation to Rs 16,24,681.08 crore.
The market capitalization of ITC increased by Rs 1,318.81 crore to Rs 3,62,327.81 crore and that of Life Insurance Corporation of India (LIC) increased by Rs 316.25 crore to Rs 4,48,157.71 crore.
In the ranking of top-10 firms, Reliance Industries remained the most valuable domestic company, followed by TCS, HDFC Bank, HUL, Infosys, ICICI Bank, LIC, SBI, HDFC and ITC.