Mcap of 9 of top-10 valued firms erodes by Rs 3.12 lakh crore; Reliance Industries biggest laggard

The combined market valuation of nine of the top-10 valued firms eroded by Rs 3.12 lakh crore last week, with Reliance Industries taking the biggest hit.

Last week, the 30-share BSE Sensex plunged by 2,090.2 points, or 2.7 per cent, while the 50-share NSE Nifty declined 532.65 points, or 2.2 per cent.

“Markets ended the week lower, breaking out of their three-week consolidation phase amid lingering geopolitical tensions in West Asia, persistent weakness in the rupee, and rising inflationary concerns,” Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

The sharp rise in crude oil prices above the USD 105-per-barrel mark intensified worries over imported inflation, fiscal stress, and pressure on corporate margins, he said.

From the top-10 pack, Bharti Airtel emerged as the only winner.

The market valuation of Reliance Industries tumbled Rs 1,34,445.77 crore to Rs 18,08,420.81 crore.

State Bank of India’s valuation eroded by Rs 52,245.3 crore to Rs 8,88,862.32 crore.

The valuation of Tata Consultancy Services (TCS) tanked Rs 47,415.04 crore to Rs 8,19,062.65 crore and that of Bajaj Finance dived Rs 27,892.28 crore to Rs 5,66,717.74 crore.

The market capitalisation (mcap) of HDFC Bank dropped by Rs 20,630.01 crore to Rs 11,82,069.25 crore.

ICICI Bank’s market capitalisation diminished by Rs 14,290 crore to Rs 8,92,385.39 crore.

Larsen & Toubro’s valuation edged lower by Rs 9,078.87 crore to Rs 5,37,542.34 crore, and that of Hindustan Unilever fell by Rs 3,970.8 crore to Rs 5,33,592.18 crore.

The mcap of Life Insurance Corporation of India (LIC) dipped by Rs 2,182.12 crore to Rs 5,05,367.32 crore.

However, the market valuation of Bharti Airtel jumped Rs 42,470.13 crore to Rs 11,60,525.16 crore.

Reliance Industries remained the most valued firm followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC.