Rs 1.6 trillon m-cap erosion at top-8 stocks

New Delhi: The combined market valuation (mcap) of eight of the top-10 most valued firms eroded by Rs1,60,314.48 crore last week, with Reliance Industries taking the biggest hit, in line with a sluggish trend in equities.

Last week, the BSE benchmark dropped 1,047.52 points, or 1.30 per cent. While Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, State Bank of India, Bajaj Finance, and ITC faced erosion from their market valuation, Infosys, and Hindustan Unilever made gains on the other hand. The valuation of Reliance Industries tumbled Rs59,799.34 crore to Rs18,64,436.42 crore. ICICI Bank’s market valuation dropped Rs30,185.36 crore to Rs9,90,015.33 crore.

The valuation of HDFC Bank tanked Rs27,062.52 crore to Rs14,46,294.43 crore and that of State Bank of India dived Rs18,429.34 crore to Rs6,95,584.89 crore. The market capitalisation (mcap) of Bajaj Finance diminished Rs13,798.85 crore to Rs5,36,927.95 crore. The valuation of ITC declined Rs8,321.89 crore to Rs5,29,972.97 crore and that of Bharti Airtel fell Rs2,138.29 crore to Rs10,53,891.62 crore. The mcap of TCS was down Rs578.89 crore at Rs12,45,418.09 crore. However, the mcap of Hindustan Unilever Ltd jumped Rs2,537.56 crore to Rs5,48,382.85 crore. Infosys added Rs415.33 crore, taking its valuation to Rs6,26,083.70 crore. In the top-10 order, Reliance Industries remained the most-valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, Bajaj Finance, and ITC.