Mcap of six most valued firms plunge by Rs 71,414 crore; LIC, TCS biggest laggards
NEW DELHI: The combined market valuation of six of the top-10 most valued firms eroded by Rs 71,414 crore last week, with state-owned company LIC emerging as the biggest laggard.
Of the top-10 most valued firms, Life Insurance Corporation of India (LIC), Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Bharti Airtel and Reliance Industries faced a total erosion of Rs 71,414.03 crore.
On the other hand, State Bank of India, Infosys, HDFC Bank and ICICI Bank emerged as the gainers. They collectively added Rs 62,038.86 crore.
However, in last week, the BSE benchmark climbed 831.15 points or 1.16 per cent. The market valuation of state-owned insurer LIC fell by Rs 26,217.12 crore to Rs 6,57,420.26 crore.
TCS's market valuation tumbled by Rs 18,762.61 crore to Rs 14,93,980.70 crore.
The market capitalisation of ITC eroded by Rs 13,539.84 crore to Rs 5,05,092.18 crore, while that of Hindustan Unilever dimnished Rs 11,548.24 crore to Rs 5,58,039.67 crore.
Market valuation of Bharti Airtel declined Rs 703.60 crore to Rs 6,30,340.9 crore, and that of Reliance Industries dipped by Rs 642.62 crore to Rs 19,76,493.92 crore.
Billionaire Mukesh Ambani's Reliance Industries on Wednesday became the first Indian company to achieve a market capitalisation of of Rs 20 lakh crore. The company's shares hit their 52-week high of Rs 2,968.40 apiece.
Reliance stock had briefly touched Rs 20 lakh crore market capitalisation (m-cap) on Tuesday, but it ended the day at Rs 19.93 lakh crore. However, market capitalisation of SBI jumped Rs 27,220.07 crore to Rs 6,73,585.09 crore.
Infosys added Rs 13,592.73 crore, taking its valuation to Rs 7,06,573.08 crore.
The market valuation of HDFC Bank climbed by Rs 12,684.58 crore to Rs 10,78,493.29 crore and that of ICICI Bank went up by Rs 8,541.48 crore to Rs 7,17,796.25 crore.
In the ranking of top-10 most valued firms, Reliance Industries continued to dominate the chart followed by TCS, HDFC Bank, ICICI Bank, Infosys, State Bank of India, LIC, Bharti Airtel, Hindustan Unilever and ITC.