5 of top 10 valued firms lose Rs 1 lakh crore in market value last week
Mumbai, Aug 16 (IANS) Five of India’s 10 most-valued companies together saw more than Rs 1 trillion (Rs 1 lakh crore) wiped off their market capitalisation last week as weakness in domestic equities weighed on investor sentiment, with Tata Consultancy Services (TCS) emerging as the biggest laggard.
The broader market remained under pressure during the week, with the Sensex falling 489.92 points, or 0.62 per cent, while the Nifty declined 204.65 points, or 0.83 per cent.
Among the top-10 valued firms, TCS recorded the sharpest erosion in market value. The IT major’s market capitalisation fell by Rs 34,263.28 crore to Rs 8.53 lakh crore.
Reliance Industries, the country’s most-valued company, also witnessed a substantial decline, with its valuation dropping by Rs 31,869.13 crore to Rs 17.70 lakh crore.
State Bank of India suffered the third-largest loss among the top firms, with its market capitalisation shrinking by Rs 25,891.88 crore to Rs 9.86 lakh crore.
HDFC Bank’s valuation fell by Rs 7,165.37 crore to Rs 11.21 lakh crore, while ICICI Bank lost Rs 2,792.65 crore in market value, ending the week with a valuation of Rs 10.18 lakh crore.
Despite the overall weakness, five companies in the top-10 pack managed to add a combined Rs 55,149.45 crore to their market capitalisation.
Life Insurance Corporation of India (LIC) led the gainers, with its market valuation rising by Rs 26,438.49 crore to Rs 5.23 lakh crore.
Bharti Airtel also posted strong gains, adding Rs 20,592.13 crore to take its valuation to Rs 12.43 lakh crore.
Bajaj Finance’s market capitalisation increased by Rs 3,548.79 crore to Rs 6.77 lakh crore, while Larsen & Toubro added Rs 2,490.66 crore, pushing its valuation to Rs 5.59 lakh crore. Hindustan Unilever’s market value rose by Rs 2,079.38 crore to Rs 4.91 lakh crore.
At the end of the week, Reliance Industries retained its position as India’s most-valued company, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
–IANS
pk