The combined market valuation of nine of the top-10 most valued firms slumped by Rs 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%.
“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 Rs 2.52 lakh crore.
The market valuation of Reliance Industries tumbled Rs 0.97 lakh crore to Rs 18.76 lakh crore. ICICI Bank’s valuation eroded by Rs 0.49 lakh crore to Rs 9.61 lakh crore.
The valuation of HDFC Bank tanked Rs 0.23 lakh crore to Rs 14.10 lakh crore, and that of Bharti Airtel diminished by Rs 0.18 lakh crore to Rs 11.32 lakh crore.
Market capitalisation (mcap) of Tata Consultancy Services (TCS) dropped by Rs 0.17 lakh crore to Rs 11.44 lakh crore and that of Larsen & Toubro tanked Rs 0.15 lakh crore to Rs 5.15 lakh crore.
Mcap of Bajaj Finance declined by Rs 0.14 lakh crore to Rs 5.77 lakh crore and that of State Bank of India edged lower by Rs 0.12 lakh crore to Rs 9.50 lakh crore.
Market valuation of Infosys dived Rs 0.08 lakh crore to Rs 6.94 lakh crore. However, mcap of Hindustan Unilever climbed Rs 0.12 lakh crore to Rs 5.67 lakh 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.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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