Mcap of 8 of top-10 most valued firms erodes Rs 1.65 lakh crore

Eight of the top-10 most valued firms together lost Rs 1,65,180.04 crore in market valuation in a holiday-shortened last week, with HDFC Bank and State Bank of India taking the hardest hit in line with a weak trend in equities.

Last week, BSE benchmark Sensex fell by 1,906.01 or 2.39 per cent.

Equity markets were closed on Friday for Guru Nanak Jayanti.

“Mounting concerns over rising CPI inflation and persistent disappointments in corporate earnings weighed heavily on sentiment,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

The valuation of HDFC Bank tanked by Rs 46,729.51 crore to Rs 12,94,025.23 crore.

State Bank’s market valuation eroded by Rs 34,984.51 crore to Rs 7,17,584.07 crore.

The valuation of Hindustan Unilever slumped Rs 27,830.91 crore to Rs 5,61,329.10 crore, and that of Reliance Industries declined by Rs 22,057.77 crore to Rs 17,15,498.91 crore.

The market capitalisation (mcap) of ITC dived Rs 15,449.47 crore to Rs 5,82,764.02 crore, and Bharti Airtel tumbled Rs 11,215.87 crore to Rs 8,82,808.73 crore.

The valuation of Life Insurance Corporation of India (LIC) dropped Rs 4,079.62 crore to Rs 5,74,499.54 crore, and that of ICICI Bank dipped Rs 2,832.38 crore to Rs 8,85,599.68 crore.

However, the mcap of Infosys climbed Rs 13,681.37 crore to Rs 7,73,962.50 crore.

Also, Tata Consultancy Services (TCS) added Rs 416.08 crore in market cap to Rs 15,00,113.36 crore.

Reliance Industries remained the most valued domestic firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC and Hindustan Unilever.