Six of top-10 firms lose Rs 1.68 lakh crore in m-cap; TCS biggest laggard

Infosys also suffers an erosion of Rs35,133.64 crore, taking its valuation to Rs6,01,900.14 crore

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Six of the 10 most valued firms suffered a combined erosion of Rs1,68,260.37 crore from their market valuation last week, mainly dragged down by IT major TCS amid an overall weak trend in the equity market.

The 30-share BSE benchmark Sensex fell 721.06 points or 1.32 per cent last week.

Tata Consultancy Services (TCS) took the biggest hit as its market valuation tumbled Rs99,270.07 crore to reach Rs10,95,355.32 crore. Shares of TCS dropped last week after the company’s June quarter earnings failed to meet market expectations.

Another IT behemoth, Infosys, also suffered an erosion of Rs35,133.64 crore, taking its valuation to Rs6,01,900.14 crore.

HDFC Bank’s market valuation fell by Rs18,172.43 crore to Rs7,57,659.72 crore and that of State Bank of India (SBI) declined by Rs8,433.76 crore to Rs4,27,488.90 crore.

The market capitalisation (m-cap) of HDFC dipped by Rs4,091.62 crore to reach Rs4,02,121.99 crore and that of ICICI Bank went lower by Rs3,158.85 crore to Rs5,22,498.11 crore.

In contrast, the valuation of Hindustan Unilever Ltd (HUL) jumped Rs17,128.52 crore to Rs6,03,551.26 crore.

Reliance Industries added Rs6,801.72 crore, taking its market valuation to Rs16,24,681.08 crore.

ITC’s m-cap climbed Rs1,318.81 crore to Rs3,62,327.81 crore and that of Life Insurance Corporation of India went higher by Rs316.25 crore to Rs4,48,157.71 crore.

In the ranking of top-10 firms, Reliance Industries continued to remain the most valued domestic company, followed by TCS, HDFC Bank, HUL, Infosys, ICICI Bank, LIC, SBI, HDFC and ITC.

Published on: Sunday, July 17, 2022, 01:03 PM IST