Eight of India’s top-10 firms lose Rs 79,129 crore in mcap amid weak equities

The combined market capitalisation of eight of the top-10 most valued domestic companies eroded by Rs 79,129.21 crore last week, with Bajaj Finance and ICICI Bank recording the steepest losses, amid a largely bearish trend in equities.

During the week, the BSE benchmark index declined by 444.71 points, or 0.51 per cent.

From the top-10 pack, Reliance Industries and Larsen & Toubro were the only firms to post gains in market valuation. The remaining eight — HDFC Bank, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, State Bank of India, Infosys, Bajaj Finance and Life Insurance Corporation of India (LIC) — saw their valuations decline.

The market capitalisation of Bajaj Finance fell by Rs 19,289.7 crore to Rs 6,33,106.69 crore, while ICICI Bank’s valuation dropped by Rs 18,516.31 crore to Rs 9,76,668.15 crore.

Bharti Airtel saw its market value decline by Rs 13,884.63 crore to Rs 11,87,948.11 crore. State Bank of India’s valuation diminished by Rs 7,846.02 crore to Rs 8,88,816.17 crore.

Infosys lost Rs 7,145.95 crore from its market capitalisation, which stood at Rs 6,64,220.58 crore. Tata Consultancy Services saw its valuation decline by Rs 6,783.92 crore to Rs 11,65,078.45 crore, while HDFC Bank’s market value dipped by Rs 4,460.93 crore to Rs 15,38,558.71 crore.

The valuation of Life Insurance Corporation of India eroded by Rs 1,201.75 crore to Rs 5,48,820.05 crore.

In contrast, the market capitalisation of Reliance Industries rose by Rs 20,434.03 crore to Rs 21,05,652.74 crore. Larsen & Toubro added Rs 4,910.82 crore, taking its valuation to Rs 5,60,370.38 crore.

Reliance Industries remained the country’s most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro and LIC.