The combined market valuation of seven of the top-10 most-valued firms eroded by Rs 1.25 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities.
Mcap of 7 of Top-10 Most Valued Firms Erodes by ₹1.25 Lakh Cr; Reliance Takes Biggest Hit
Seven Of The Top Ten Most Valued Companies See A Sharp Fall In Market Capitalisation, With Combined Wealth Eroding By ₹1.25 Lakh Crore As Reliance Bears The Largest Decline
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Last week, the BSE benchmark Sensex declined 532.4 points, or 0.71 per cent, and the NSE Nifty dipped 181.05 points, or 0.76 per cent.
"Persistent FII selling remained the key drag on market sentiment despite supportive developments such as cooling crude oil prices and a recovery in the rupee against the US dollar. Concerns regarding the pace of monsoon advancement also weighed on investor confidence," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.
From the top-10 pack, Reliance Industries, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India (LIC) and Hindustan Unilever faced erosion from their valuation, while HDFC Bank, ICICI Bank, and State Bank of India were the gainers.
The market valuation of Reliance Industries dropped Rs 39,718 crore to Rs 17,47,321.40 crore.
TCS faced an erosion of Rs 20,134.66 crore from its valuation, which stood at Rs 7,95,346.09 crore.
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Bharti Airtel's market valuation dived Rs 18,736.04 crore to Rs 10,96,150.49 crore and that of Larsen & Toubro tumbled Rs 16,880.2 crore to Rs 5,43,956.44 crore.
The market capitalisation (mcap) of LIC diminished Rs 14,610.74 crore to Rs 5,05,873.32 crore.
Bajaj Finance lost Rs 9,681.36 crore from its mcap, which stood at Rs 5,53,580.97 crore.
The valuation of Hindustan Unilever declined Rs 5,909.23 crore to Rs 4,98,301.31 crore.
However, the mcap of State Bank of India jumped Rs 12,692.09 crore to Rs 9,02,523.63 crore.
The valuation of ICICI Bank went up Rs 4,484.86 crore to Rs 9,05,074.77 crore and that of HDFC Bank climbed Rs 4,101.47 crore to Rs 11,50,743.31 crore.
Reliance Industries remained the most-valued domestic firm followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC, and Hindustan Unilever.