Summary of this article
Nine top firms lose Rs 2.51 lakh crore value
Reliance Industries records the steepest market capitalisation fall
Sensex drops over 2 per cent amid weak equity sentiment
The combined market valuation of nine of the top-10 most valued firms slumped by Rs 2.51 lakh crore last week, with Reliance Industries taking the biggest hit, in line with a weak trend in equities.
Last week, the BSE benchmark Sensex tanked 2,032.65 points or 2.43 per cent.
"Markets witnessed a sharp sell-off during the week, with bears firmly in control. Weak global cues, persistent FII outflows, a depreciating rupee, and subdued corporate earnings kept pressure elevated throughout the week," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The combined market valuation of nine of the top-10 most valued firms, including Reliance Industries, HDFC Bank, ICICI Bank and Bharti Airtel, plunged by Rs 2,51,711.6 crore.
The market valuation of Reliance Industries tumbled Rs 96,960.17 crore to Rs 18,75,533.04 crore.
ICICI Bank's valuation eroded by Rs 48,644.99 crore to Rs 9,60,825.29 crore.
The valuation of HDFC Bank tanked Rs 22,923.02 crore to Rs 14,09,611.89 crore and that of Bharti Airtel diminished by Rs 17,533.97 crore to Rs 11,32,010.46 crore.
Market capitalisation (mcap) of Tata Consultancy Services (TCS) dropped by Rs 16,588.93 crore to Rs 11,43,623.19 crore and that of Larsen & Toubro tanked Rs 15,248.32 crore to Rs 5,15,161.91 crore.
Mcap of Bajaj Finance declined by Rs 14,093.93 crore to Rs 5,77,353.23 crore and that of State Bank of India edged lower by Rs 11,907.5 crore to Rs 9,50,199.77 crore.
Market valuation of Infosys dived Rs 7,810.77 crore to Rs 6,94,078.82 crore.
However, mcap of Hindustan Unilever climbed Rs 12,311.86 crore to Rs 5,66,733.16 crore.
Reliance Industries remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.
"The correction was fuelled by a confluence of factors: escalating geopolitical tensions, aggressive FII selling, and panic regarding the Rupee’s weakness," Santosh Meena, Head of Research at Swastika Investmart Ltd, said on markets sell-off last week.
