The combined market valuation of nine of the top-10 most valued firms slumped by ₹2.51 lakh crore last week, with Reliance Industries taking the biggest hit, in line with a weak trend in equities.
Last week, the BSE benchmark Sensex tanked 2,032.65 points or 2.43 per cent.
“Markets witnessed a sharp sell-off during the week, with bears firmly in control. Weak global cues, persistent FII outflows, a depreciating rupee, and subdued corporate earnings kept pressure elevated throughout the week,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The combined market valuation of nine of the top-10 most valued firms, including Reliance Industries, HDFC Bank, ICICI Bank and Bharti Airtel, plunged by ₹2,51,711.6 crore.
The market valuation of Reliance Industries tumbled ₹96,960.17 crore to ₹18,75,533.04 crore.
ICICI Bank’s valuation eroded by ₹48,644.99 crore to ₹9,60,825.29 crore.
The valuation of HDFC Bank tanked ₹22,923.02 crore to ₹14,09,611.89 crore and that of Bharti Airtel diminished by ₹17,533.97 crore to ₹11,32,010.46 crore.
Market capitalisation (mcap) of Tata Consultancy Services (TCS) dropped by ₹16,588.93 crore to ₹11,43,623.19 crore and that of Larsen & Toubro tanked ₹15,248.32 crore to ₹5,15,161.91 crore.
Mcap of Bajaj Finance declined by ₹14,093.93 crore to ₹5,77,353.23 crore and that of State Bank of India edged lower by ₹11,907.5 crore to ₹9,50,199.77 crore.
Market valuation of Infosys dived ₹7,810.77 crore to ₹6,94,078.82 crore.
However, mcap of Hindustan Unilever climbed ₹12,311.86 crore to ₹5,66,733.16 crore.
Reliance Industries remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.
“The correction was fuelled by a confluence of factors: escalating geopolitical tensions, aggressive FII selling, and panic regarding the Rupee’s weakness,” Santosh Meena, Head of Research at Swastika Investmart Ltd, said on markets sell-off last week.
