Market cap of seven of top-10 most valued firms erode by ₹1 lakh crore
The market valuation of seven of the top 10 most-valued firms suffered a combined erosion of ₹1,09,947.86 crore last week. Of these, State Bank of India took the biggest hit, in-tandem with weak trend in equities. Apart from SBI, other companies like ICICI Bank, Hindustan Unilever, ITC, Bharti Airtel, Bajaj Finance, Reliance Industries were the laggards.
Moreover, Tata Consultancy Services (TCS), HDFC Bank and Infosys witnessed addition in their market valuation.
Meanwhile, the BSE benchmark fell by 438.95 points or 0.66 per cent.
The valuation of State Bank of India tumbled ₹38,197.34 crore to ₹5,11,603.38 crore. Shares of State Bank of India on Friday fell by nearly 3 per cent after the company’s first quarter earnings failed to cheer investors.
The market capitalisation (mcap) of ICICI Bank eroded by ₹17,201.84 crore to ₹6,79,293.90 crore. ITC’s valuation tanked ₹16,846.18 crore to ₹5,66,886.01 crore while that of Bajaj Finance fell by ₹14,366.34 crore to ₹4,32,932.18 crore.
Other companies like Reliance Industries saw mcap lower by ₹11,806 crore to ₹16,98,270.74 crore, Hindustan Unilever declined by ₹9,069.42 crore to ₹5,98,299.92 crore, Bharti Airtel’s valuation dipped by ₹2,460.74 crore to ₹4,97,908.56 crore.
Speaking of the gainers, the mcap of TCS jumped ₹31,815.45 crore to ₹12,59,555.25 crore. Infosys added ₹15,791.49 crore taking its valuation to ₹5,72,062.52 crore. The mcap of HDFC Bank climbed ₹7,080.63 crore to ₹12,47,403.26 crore.
Reliance Industries remained the most valued firm of the country, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance.
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Updated: 06 Aug 2023, 02:54 PM IST
