Market capitalisation of eight of the top-10 firms erodes by Rs 1.55 lakh crore
NEW DELHI: The combined market valuation of eight of India’s top 10 most valuable companies declined by Rs 1.55 lakh crore last week, with HDFC Bank and Bajaj Finance emerging as the biggest losers.
Tata Consultancy Services (TCS) and Larsen & Toubro (L&T) were the only two firms in the top 10 to record gains in their market capitalisation.The decline came as benchmark equity indices registered sharp losses during a holiday-truncated week. The 30-share BSE Sensex fell 1,605.44 points, or 2.15 per cent, while the 50-share NSE Nifty dropped 546.15 points, or 2.36 per cent.Reflecting the weak performance of equities, the total market capitalisation of BSE-listed companies declined by Rs 20,78,774.28 crore over four trading sessions to Rs 4,51,83,393.14 crore.
The figure stood at Rs 4,72,62,167.42 crore on October 16.Among the eight companies that reported a decline in valuation, HDFC Bank recorded the steepest fall. Its market capitalisation dropped by Rs 55,506.95 crore to Rs 10,67,121.12 crore, while its stock lost 5 per cent over the week.Bajaj Finance followed, with its valuation falling by Rs 34,180.51 crore to Rs 5,77,146.21 crore. Reliance Industries saw its market capitalisation decline by Rs 27,065.08 crore to Rs 16,10,372.11 crore.
Life Insurance Corporation of India (LIC) also registered a substantial fall, with its valuation shrinking by Rs 21,062.24 crore to Rs 4,81,142.58 crore.Bharti Airtel's market capitalisation declined by Rs 9,360.75 crore to Rs 11,79,454.70 crore, while State Bank of India's valuation fell by Rs 4,338.46 crore to Rs 8,83,384.38 crore.Infosys recorded a decline of Rs 2,881.38 crore in its market capitalisation, which stood at Rs 4,68,528.03 crore.
ICICI Bank's valuation decreased by Rs 1,276.53 crore to Rs 10,01,594.91 crore.In contrast, TCS and L&T ended the week with gains. TCS added Rs 23,517.56 crore to its market capitalisation, taking it to Rs 9,14,652.52 crore. L&T's valuation rose by Rs 1,788.66 crore to Rs 5,01,513.72 crore.Despite the weekly decline, Reliance Industries remained India's most valuable company, followed by Bharti Airtel and HDFC Bank. ICICI Bank ranked fourth, ahead of TCS and State Bank of India. Bajaj Finance occupied the seventh position, followed by L&T, LIC and Infosys.