The combined market valuation of nine of the top 10 valued firms eroded by ₹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 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.
Top gainers and laggards
From the top-10 pack, emerged as the only winner.
The market valuation of Reliance Industries tumbled ₹1,34,445.77 crore to ₹18,08,420.81 crore.
State Bank of India’s valuation eroded by ₹52,245.3 crore to ₹8,88,862.32 crore.
The valuation of Tata Consultancy Services (TCS) tanked ₹47,415.04 crore to ₹8,19,062.65 crore and that of Bajaj Finance dived ₹27,892.28 crore to ₹5,66,717.74 crore.
The market capitalisation (mcap) of HDFC Bank dropped by ₹20,630.01 crore to ₹11,82,069.25 crore.
ICICI Bank’s market capitalisation diminished by ₹14,290 crore to ₹8,92,385.39 crore.
Larsen & Toubro’s valuation edged lower by ₹9,078.87 crore to ₹5,37,542.34 crore, and that of Hindustan Unilever fell by ₹3,970.8 crore to ₹5,33,592.18 crore.
The mcap of Life Insurance Corporation of India (LIC) dipped by ₹2,182.12 crore to ₹5,05,367.32 crore.
However, the market valuation of Bharti Airtel jumped ₹42,470.13 crore to ₹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.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.