NEW DELHI: Market capitalization of nine of the top-10 most valued companies witnessed a massive decline of Rs 4,74,906.18 crore last week, with Reliance Industries and HDFC Bank suffering the most significant, primarily due to the overall weak performance of the equity markets amid the Middle East conflict and foreign fund outflows.
The BSE benchmark index plunged 3,883.4 points, or 4.53 per cent, last week.
Reliance Industries valuation drop by Rs 1,88,479.36 crore to Rs 18,76,718.24 crore while HDFC Bank’s market valuation stands at Rs 12,64,267.35 crore after a declining Rs 72,919.58 crore. Bharti Airtel’s valuation decreased by Rs 53,800.31 crore to Rs 9,34,104.32 crore, while ICICI Bank’s valuation fell by Rs 47,461.13 crore to Rs 8,73,059.59 crore.
Life Insurance Corporation of India (LIC) valuation dropped by Rs 33,490.86 crore to Rs 6,14,125.65 crore, and Hindustan Unilever’s valuation decreased by Rs 27,525.46 crore to Rs 6,69,363.31 crore.
ITC and Tata Consultancy Services (TCS) also saw their market capitalization erode by Rs 24,139.66 crore and Rs 21,690.43 crore, respectively, bringing their valuations to Rs 6,29,695.06 crore and Rs 15,37,361.57 crore. State Bank of India’s valuation declined by Rs 5,399.39 crore to Rs 7,10,934.59 crore.
Interestingly, IT major Infosys, managed to survive the trend and witnessed an increase in its market capitalization by Rs 4,629.64 crore, taking its valuation to Rs 7,96,527.08 crore.
Reliance Industries maintained its position as the most-valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and LIC.