The market valuation of the top-10 most valued firms plunged by a whopping Rs 3.91 lakh crore last week, in tandem with a steep sell-off in equities, with TCS and and Reliance Industries taking the biggest hit. Past week, the BSE Sensex plunged 2,943.02 points or 5.42 per cent, while the NSE Nifty declined 908.30 points or 5.61 per cent.
Markets have been extremely bearish of late amid rate hikes by global central banks, unrelenting foreign fund outflows and jump in crude oil prices. The market valuation of the 10 most valued domestic firms eroded by Rs 3,91,620.01 crore last week.
From the top-10 firms, Tata Consultancy Services (TCS) was the top loser, as its market valuation tumbled Rs 1,01,026.4 crore to stand at Rs 11,30,372.45 crore. The market capitalisation (mcap) of Reliance Industries Ltd (RIL) tanked Rs 84,352.76 crore to reach Rs 17,51,686.52 crore.
The valuation of Infosys eroded by Rs 37,656.62 crore to Rs 5,83,846.01 crore and that of Life Insurance Corporation (LIC) plunged by Rs 34,787.49 crore to Rs 4,14,097.60 crore.
HDFC Bank’s market valuation fell by Rs 33,507.66 crore to Rs 7,16,373.13 crore and that of HDFC dived Rs 22,977.51 crore to Rs 3,72,442.63 crore. ICICI Bank’s mcap declined by Rs 22,203.69 crore to Rs 4,78,540.58 crore and that of Hindustan Unilever (HUL) went lower by Rs 20,535.43 crore to Rs 4,96,351.15 crore.
The mcap of State Bank of India (SBI) dipped by Rs 18,563.19 crore to Rs 3,93,575.37 crore and that of Bharti Airtel fell by Rs 16,009.26 crore to Rs 3,53,604.18 crore.
In the ranking of top-10 firms, Reliance Industries continued to remain the most valued company, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.