Mcap of top 6 valued firms erodes by Rs 70,000 crore; HDFC Bank, ICICI Bank major laggards

The combined market valuation of six of the top-10 valued firms eroded by Rs 70,325.5 crore last week, with HDFC Bank and ICICI Bank emerging as the worst-hit in line with a bearish trend in equities.

Last week, the BSE benchmark Sensex dropped 626.01 points or 0.74 per cent.

In the top-10 pack, Reliance Industries, State Bank of India, Infosys and Hindustan Unilever Ltd were the gainers, while HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, Life Insurance Corporation of India (LIC) and Bajaj Finance faced erosion from their market valuation.

HDFC Bank's valuation declined by Rs 19,284.8 crore to Rs 15,25,339.72 crore. ICICI Bank lost Rs 13,566.92 crore in its market valuation which stood at Rs 10,29,470.57 crore.

The valuation of Bajaj Finance dropped by Rs 13,236.44 crore to Rs 5,74,977.11 crore and that of LIC diminished by Rs 10,246.49 crore to Rs 5,95,277.16 crore.

TCS faced an erosion of Rs 8,032.15 crore from its market capitalisation (mcap) which stood at Rs 12,37,729.65 crore.

The mcap of Bharti Airtel fell by Rs 5,958.7 crore to Rs 11,50,371.24 crore.

However, the market valuation of Reliance Industries jumped Rs 15,359.36 crore to Rs 20,66,949.87 crore.

Infosys added Rs 13,127.51 crore in its valuation to Rs 6,81,383.80 crore.

The mcap of Hindustan Unilever climbed Rs 7,906.37 crore to Rs 5,49,757.36 crore and that of State Bank of India went up by Rs 5,756.38 crore to Rs 7,24,545.28 crore.

In the ranking of top-10 firms, Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever Ltd.