The market capitalization (m-cap) of the top-10 most valuable companies declined by over Rs 2.29 lakh crore last week, with Life Insurance Corporation taking the biggest hit. On a weekly basis, the domestic equity benchmark witnessed heavy selling. Sensex lost 1,465.79 points or 2.63 per cent, while nifty It declined 382.50 points or 2.31 per cent as investors turned to safer assets as rise in crude oil prices raised fears of inflation.
Corporate major Reliance Industries’ m-cap fell by Rs 44,311.19 crore to Rs 18,36,039.28 crore. IT giants TCS and Infosys lost Rs 45,746.13 crore from their cumulative market caps. TCS was valued at Rs 12,31,398.85 crore, while that of Infosys was at Rs 6,21,502.63 crore.
The country’s top lenders HDFC Bank, ICICI Bank and SBI saw a cumulative erosion of Rs 34,970.26 crore in their market capitalisation. HDFC Bank’s valuation declined by Rs 16,433.92 crore to Rs 7,49,880.79 crore.
State Bank Of M-Cap India (SBI) declined by Rs 2,231.15 crore to Rs 4,12,138.56 crore and ICICI Bank declined by Rs 16,305.19 crore to Rs 5,00,744.27 crore. The valuation of Hindustan Unilever Limited (HUL) declined by Rs 21,674.98 crore to Rs 5,16,886.58 crore, while that of Life Insurance Corporation (LIC) declined by Rs 57,272.85 crore to Rs 4,48,885.09 crore.
HDFC’s valuation declined by Rs 17,879.22 crore to Rs 3,95,420.14 crore. Telecom major Bharti Airtel also saw a drop of Rs 7,359.31 crore from its market valuation, from Rs 3,69,613.44 crore.
In the ranking of top-10 firms, Reliance Industries retained the title of Most Valuable Firm, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.
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