Six of top-10 firms lose Rs 95,432 cr in m-cap; Reliance takes biggest hit
Six of the 10 most valued domestic companies suffered a combined erosion of Rs 95,432.26 crore in market valuation last week, dragged down by Reliance Industries Limited (RIL) and HDFC Bank amid a bearish trend in the broader market.
During the last week, the BSE Sensex plunged 720.67 points or 1.88 per cent. On Friday, the Sensex plummeted 894 points amid the Yes Bank crisis and coronavirus outbreak which has stoked fears of a global recession.
The market capitalisation (m-cap) of RIL plummeted Rs 37,144 crore to Rs 8,05,118.67 crore, taking the biggest hit among the top-10 firms for the week ended Friday.
HDFC Bank's valuation dropped Rs 23,435 crore to Rs 6,22,109.94 crore and that of Bajaj Finance tumbled Rs 14,229.1 crore to Rs 2,54,309.90 crore.
The market cap of HDFC tanked Rs 11,625.3 crore to Rs 3,65,214.59 crore and that of ICICI Bank fell Rs 6,325.67 crore to reach Rs 3,14,705.23 crore.
Bharti Airtel also suffered an erosion of Rs 2,673.22 crore from its m-cap to stand at Rs 2,83,225.26 crore.
In contrast, Tata Consultancy Services (TCS) made the maximum gain as its m-cap climbed Rs 43,884.14 crore to Rs 7,94,717.56 crore.
Infosys added Rs 3,364.34 crore to its valuation to reach Rs 3,14,821.60 crore. The m-cap of Hindustan Unilever Limited (HUL) rose by Rs 2,534.8 crore to Rs 4,73,359.77 crore.
Likewise, Kotak Mahindra Bank gained Rs 2,447.7 crore to Rs 3,12,168.86 crore.
In the ranking of the 10 most valued firms, RIL retained its top spot, followed by TCS, HDFC Bank, HUL, HDFC, Infosys, ICICI Bank, Kotak Mahindra Bank, Airtel and Bajaj Finance.