The combined market valuation of seven of the top-10 most-valued firms eroded by ₹2 lakh crore last week, with Tata Consultancy Services and Reliance Industries emerging as the biggest laggards, in-tandem with a bearish trend in equities.
Last week, the BSE benchmark Sensex tanked 1,829.33 points, or 2.33 per cent, and the NSE Nifty dropped 455.6 points, or 1.87 per cent.
“Markets ended lower after two consecutive weeks of gains, weighed down by heightened geopolitical tensions and weak earnings commentary from IT majors,” Ajit Mishra — SVP, Research, Religare Broking Ltd, said.
Global developments continued to dominate market direction, with ongoing uncertainty around the West Asia crisis and concerns over supply disruptions keeping crude oil prices elevated, he added.
The combined market valuation of seven of the top-10 most valued firms dropped by ₹2,05,343.06 crore.
The market valuation of Tata Consultancy Services (TCS) tumbled ₹66,699.44 crore to ₹8,67,364.12 crore.
Reliance Industries lost ₹50,670.34 crore from its valuation, which stood at ₹17,96,647.50 crore.
The valuation of HDFC Bank dived ₹23,090.05 crore to ₹12,08,225.48 crore and that of Life Insurance Corporation of India (LIC) dropped by ₹19,670.75 crore to ₹5,13,020.56 crore.
The market capitalisation (mcap) of Bharti Airtel declined ₹19,406.59 crore to ₹11,05,718.62 crore.
ICICI Bank’s mcap edged lower by ₹14,663.27 crore to ₹9,50,345.40 crore and that of Larsen & Toubro diminished by ₹ 11,142.62 crore to ₹5,52,171.88 crore.
However, the valuation of Hindustan Unilever jumped ₹20,652.91 crore to ₹5,47,219.80 crore.
The mcap of State Bank of India climbed ₹19,522.76 crore to ₹10,16,752.53 crore and that of Bajaj Finance went up by ₹8,253.64 crore to ₹5,73,690.81 crore.
Reliance Industries remained the most-valued domestic firm followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever, and LIC.