Mcap of eight of top-10 most valued firms erodes by Rs 1.65 lakh cr; HDFC Bank biggest laggard

The combined market valuation of eight of the top-10 most valued firms eroded by Rs 1,65,501.49 crore last week, with HDFC Bank taking the biggest hit, in-line with a bearish trend in domestic equities.

Last week, the BSE benchmark tanked 1,070.39 points or 1.30 per cent.

While Tata Consultancy Services (TCS) and Infosys witnessed net addition in their market valuations, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Life Insurance Corporation of India (LIC), Bajaj Finance and Hindustan Unilever Ltd faced erosion.

The valuation of HDFC Bank tanked by Rs 47,075.97 crore to Rs 14,68,777.88 crore.

The market capitalisation (mcap) of ICICI Bank tumbled Rs 30,677.44 crore to Rs 10,10,375.63 crore.

The valuation of Reliance Industries dropped by Rs 21,516.63 crore to Rs 19,31,963.46 crore and that of State Bank of India eroded by Rs 18,250.85 crore to Rs 7,07,186.89 crore. The mcap of Hindustan Unilever Ltd dived by Rs 16,388.4 crore to Rs 5,44,893.71 crore. Bharti Airtel’s valuation declined by Rs 15,481.22 crore to Rs 10,50,413.33 crore and that of LIC went lower by Rs 13,693.62 crore to Rs 5,93,379.66 crore.

The mcap of Bajaj Finance dipped Rs 2,417.36 crore to Rs 5,80,052.09 crore.

However, the market valuation of TCS jumped Rs 22,215.06 crore to Rs 12,47,190.95 crore and the mcap of Infosys climbed Rs 15,578.3 crore to Rs 6,65,318.03 crore.

In the top-10 list, Reliance Industries Ltd remained the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever Ltd.