The market capitalisation (m-cap) of the top-10 most valued companies eroded by over Rs 2.29 lakh crore last week, with Life Insurance Corporation taking the biggest hit. On a weekly basis, the domestic equity benchmarks witnessed heavy selling. The Sensex tumbled 1,465.79 points or 2.63 per cent, while the Nifty lost 382.50 points or 2.31 per cent as investors rushed to safer assets because elevated crude oil prices triggered inflation fears.
Corporate major Reliance Industries’ m-cap fell by Rs 44,311.19 crore to Rs 18,36,039.28 crore. IT bellwethers TCS and Infosys lost Rs 45,746.13 crore from their cumulative market cap. The valuation of TCS stood at Rs 12,31,398.85 crore, while that of Infosys was Rs 6,21,502.63 crore.
The country’s top lenders HDFC Bank, ICICI Bank and SBI saw a cumulative erosion of Rs 34,970.26 crore in their market capitalisation. HDFC Bank’s valuation dipped by Rs 16,433.92 crore to Rs 7,49,880.79 crore.
The m-cap of State Bank of India (SBI) plunged by Rs 2,231.15 crore to Rs 4,12,138.56 crore, and that of ICICI Bank slumped by Rs 16,305.19 crore to Rs 5,00,744.27 crore. The valuation of Hindustan Unilever Ltd (HUL) tanked by Rs 21,674.98 crore to Rs 5,16,886.58 crore, while Life Insurance Corporation (LIC) declined by Rs 57,272.85 crore to Rs 4,48,885.09 crore.
HDFC’s valuation slipped by Rs 17,879.22 crore to Rs 3,95,420.14 crore. Telecom major Bharti Airtel also witnessed a dip of Rs 7,359.31 crore from its market valuation, which stood at Rs 3,69,613.44 crore.
In the ranking of top-10 firms, Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.
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