Industry-wide erosion: Top-10 cos lose Rs 4.48L-cr in valuation

New Delhi: The combined market valuation of the top-10 domestic firms eroded sharply by Rs 4.48 lakh crore last week, in tandem with a steep decline in equities, with banking majors State Bank of India and HDFC Bank taking the biggest hit. Surging crude prices raised concerns over inflationary pressures and global economic stability amid the widening conflict in West Asia.

“The primary driver behind the market weakness was the sustained rise in crude oil prices following the escalating conflict between Iran, the United States and Israel. Brent crude surged past $101 per barrel, raising concerns over India’s fiscal position and inflation outlook,” Ajit Mishra “ SVP, Research, Religare Broking Ltd, said.

The market valuation of State Bank of India tumbled Rs 89,306.22 crore to Rs 9,66,261.05 crore. HDFC Bank faced an erosion of Rs 61,715.32 crore to Rs 12,57,391.76 crore.

The valuation of Bajaj Finance dived Rs 59,082.49 crore to Rs 5,32,053.54 crore and that of Tata Consultancy Services (TCS) tanked Rs 53,312.52 crore to Rs 8,72,067.63 crore.