Market Cap of six most valued firms plunge by ₹71,414 crore
Leading the pack in this downturn was the state-owned giant, Life Insurance Corporation of India (LIC). Among the top 10, LIC, Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Bharti Airtel, and Reliance Industries collectively experienced this erosion in market value.
Conversely, State Bank of India, Infosys, HDFC Bank, and ICICI Bank emerged as gainers, together adding ₹62,038.86 crore to their combined market capitalization.
Despite this market movement, the BSE benchmark managed to climb 831.15 points or 1.16%, reflecting a mixed sentiment among investors. LIC, the top laggard, witnessed a significant decline in market valuation by ₹26,217.12 crore, settling at ₹6,57,420.26 crore.
TCS also faced a substantial dip, losing ₹18,762.61 crore to reach ₹14,93,980.70 crore in market capitalization. Similarly, ITC’s market value shrank by ₹13,539.84 crore to ₹5,05,092.18 crore, while Hindustan Unilever’s decreased by ₹11,548.24 crore to ₹5,58,039.67 crore.
Bharti Airtel and Reliance Industries also experienced declines, albeit smaller in comparison. Bharti Airtel’s market valuation dropped by ₹703.60 crore to ₹6,30,340.9 crore, while Reliance Industries witnessed a decrease of ₹642.62 crore, reaching ₹19,76,493.92 crore.
Notably, Reliance Industries achieved a significant milestone as it became the first Indian company to attain a market capitalization of ₹20 lakh crore, with its shares hitting a 52-week high of ₹2,968.40 apiece.
Conversely, State Bank of India witnessed a substantial increase in market capitalization, jumping by ₹27,220.07 crore to ₹6,73,585.09 crore. Infosys added ₹13,592.73 crore to its valuation, reaching ₹7,06,573.08 crore.
HDFC Bank and ICICI Bank also saw gains, with market valuations climbing by ₹12,684.58 crore and ₹8,541.48 crore, respectively.
In the hierarchy of the top-10 most valued firms, Reliance Industries continued to dominate, followed by TCS, HDFC Bank, ICICI Bank, Infosys, State Bank of India, LIC, Bharti Airtel, Hindustan Unilever, and ITC. These fluctuations underscore the dynamic nature of the stock market and the shifting fortunes of the top players within it.
(With inputs from PTI)
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Published: 18 Feb 2024, 11:44 AM IST
