The combined market valuation of six of the top-10 most-valued firms eroded Rs 1.55 lakh crore last week, with Reliance Industries emerging as the biggest laggard, in line with an overall weak trend in equities.
Last week, the BSE benchmark declined 237.8 points, or 0.29 percent. The benchmark equity index BSE Sensex retreated nearly 6 percent, or 4,813 points, to 79,486 on November 8 against the 84,200-mark on September 30. Meanwhile, the Q2 earnings season also disappointed D-Street with more companies missing expectations than beating them.
While Reliance Industries (RIL), Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever (HUL) and Life Insurance Corporation of India (LIC) suffered erosion in their market valuation, while Tata Consultancy Services (TCS), HDFC Bank, Infosys and the State Bank of India (SBI) were the gainers.
The oil-to-telecom conglomerate, Reliance Industries saw its market valuation slump by Rs 74,563.37 crore to Rs 17,37,556.68 crore.
Bharti Airtel, the second major telecom player, recorded a Rs 26,274.75 crore drop in its valuation to settle at Rs 8,94,024.60 crore.
The market valuation of ICICI Bank slumped Rs 22,254.79 crore to Rs 8,88,432.06 crore. FMCG major ITC saw its market capitalisation (m-cap) tanked Rs 15,449.47 crore to Rs 5,98,213.49 crore.
The country’s largest insurer, LIC, saw its m-cap decline by Rs 9,930.25 crore to Rs 5,78,579.16 crore.
Another FMCG major, Hindustan Unilever saw its Rs 7,248.49 crore dip in its valuation to Rs 5,89,160.01 crore.
However, IT bellwether TCS recorded a Rs 57,744.68 crore jump in its m-cap to settle at Rs 14,99,697.28 crore.
Another IT major, Infosys, also saw its valuation soar by Rs 28,838.95 crore to Rs 7,60,281.13 crore
The country’s largest public sector lender, State Bank of India, witnessed a Rs 19,812.65 crore gain in its m-cap to Rs 7,52,568.58 crore.
HDFC Bank, India’s top private sector lender, added Rs 14,678.09 crore in m-cap taking its valuation to Rs 13,40,754.74 crore.
Reliance Industries remained the country’s most-valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, ITC, Hindustan Unilever, and LIC.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
