Mcap of 7 of top-10 most valued firms drops by Rs 1.75 lakh crore; Reliance biggest laggard
Market valuation of Reliance Industries eroded by Rs 89,720.3 crore to Rs 18,24,515.62 crore
The combined market valuation of seven of the top-10 most valued firms tumbled by Rs 1.75 lakh crore in a holiday-shortened last week, with Reliance Industries taking the biggest hit, in tandem with a weak trend in equities.
Last week, the BSE benchmark Sensex lost 949.74 points or 1.27 per cent, and the NSE Nifty tanked 294.9 points or 1.27 per cent.
"Markets ended the week on a weaker note, reflecting heightened volatility amid fluctuating global cues and escalating geopolitical tensions in the Middle East. The week was marked by sharp swings, with early losses driven by concerns over energy supply disruptions, a weakening rupee, which touched a record low, and rising volatility," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
This was followed by a mid-week recovery on hopes of a temporary de-escalation in US-Iran tensions, he noted.
"However, renewed selling pressure on Friday erased the gains, dragging indices lower," Mishra added.
The market valuation of Reliance Industries eroded by Rs 89,720.3 crore to Rs 18,24,515.62 crore.
HDFC Bank's valuation tanked by Rs 37,248.59 crore to Rs 11,64,018.69 crore.
State Bank of India lost Rs 35,399.42 crore from its market valuation, which stood at Rs 9,41,569.15 crore.
The market capitalisation (mcap) of ICICI Bank dropped by Rs 8,121.76 crore to Rs 8,83,551.30 crore, and that of Bharti Airtel declined by Rs 2,480.42 crore to Rs 10,50,413.33 crore.
Hindustan Unilever's mcap diminished by Rs 2,091.13 crore to Rs 4,87,540.19 crore, and that of Tata Consultancy Services (TCS) dipped by Rs 271.35 crore to Rs 8,64,668.65 crore.
However, the market valuation of Larsen & Toubro surged by Rs 18,051.68 crore to Rs 4,90,536.19 crore.
The mcap of Bajaj Finance jumped Rs 8,680.36 crore to Rs 5,25,395.48 crore.
Infosys added Rs 6,245.3 crore, taking its valuation to Rs 5,15,034.67 crore.
Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Infosys, Larsen & Toubro and Hindustan Unilever.
