Mcap at top-10 firms declines `2.99 trn

New Delhi: The combined market valuation of the top-10 most valued firms eroded by Rs2,99,661.36 crore last week, in line with a bearish trend in equities, with IT bellwether Tata Consultancy Services taking the biggest hit. Last week, the BSE benchmark tanked 2,199.77 points or 2.66 per cent.

“A sharp hike in H1-B visa fees led to heavy unwinding in technology stocks, while also pressuring the Indian rupee, which slipped to a record low against the US dollar.

Adding to the headwinds, the imposition of 100 per cent tariffs on branded and patented pharmaceutical imports to the US further dampened sentiment, with ripple effects felt across multiple sectors and weighing heavily on market confidence,” Ponmudi R, CEO, Enrich Money, an online trading and wealth tech firm, said.

The market valuation of Tata Consultancy Services (TCS) tumbled Rs97,597.91 crore to Rs10,49,281.56 crore, the most among the top-10 firms. Reliance Industries’ valuation eroded by Rs40,462.09 crore to Rs18,64,436.42 crore. Infosys lost Rs38,095.78 crore from its market valuation, which stood at Rs6,01,805.25 crore.

The market capitalisation (mcap) of HDFC Bank tanked by Rs33,032.97 crore to Rs14,51,783.29 crore, and that of ICICI Bank dived Rs29,646.78 crore to Rs9,72,007.68 crore. Bharti Airtel’s valuation fell by Rs26,030.11 crore to Rs10,92,922.53 crore, and that of Life Insurance Corporation of India (LIC) diminished by Rs13,693.62 crore to Rs5,51,919.30 crore.

The mcap of Hindustan Unilever dropped by Rs11,278.04 crore to Rs5,89,947.12 crore, and that of Bajaj Finance declined by Rs4,977.99 crore to Rs6,12,914.73 crore. The market valuation of State Bank of India dipped by Rs4,846.07 crore to Rs7,91,063.93 crore.

Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever and LIC.