Mcap of 6 of top-10 valued firms erodes by Rs 3 lakh crore; TCS, Infosys biggest laggards

The combined market valuation of six of the top 10 valued firms eroded by more than Rs 3 lakh crore last week, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest laggards amid a bearish trend in equities.

The BSE benchmark declined by 953.64 points, or 1.14 per cent, over the past week.

TCS, Infosys, HDFC Bank, Reliance Industries, Life Insurance Corporation of India (LIC), and Bharti Airtel faced erosion from their valuation, while State Bank of India, Bajaj Finance, Larsen & Toubro and ICICI Bank were the gainers.

The market valuation of TCS tumbled Rs 90,198.92 crore to Rs 9,74,043.43 crore, while Infosys' valuation eroded by Rs 70,780.23 crore to Rs 5,55,287.72 crore.

The market valuation of HDFC Bank declined by Rs 54,627.71 crore to Rs 13,93,621.92 crore, and that of Reliance Industries plunged by Rs 41,883 crore to Rs 19,21,475.79 crore.

Life Insurance Corporation of India's market capitalisation (mcap) dropped by Rs 23,971.74 crore to Rs 5,46,226.80 crore, and that of Bharti Airtel declined by Rs 19,244.61 crore to Rs 11,43,044.03 crore.

However, the valuation of State Bank of India (SBI) jumped Rs 1,22,213.38 crore to Rs 11,06,566.44 crore.

The mcap of Bajaj Finance climbed Rs 26,414.44 crore to Rs 6,37,244.64 crore, and that of Larsen & Toubro's valuation increased by Rs 14,483.9 crore to Rs 5,74,028.93 crore.

ICICI Bank's mcap rose by Rs 5,719.95 crore to Rs 10,11,978.77 crore.

Reliance Industries remained the most valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Infosys, and Life Insurance Corporation of India.