Market fall sheds over Rs 2 lakh crore from top firms
The benchmark Sensex witnessed a steep fall of 1.99% last week, leading to an erosion of Rs 2.23 lakh crore from the combined market capitalisation of the top 10 valued companies. Reliance Industries’ m-cap took the biggest hit, dropping Rs 81,763 crore to Rs 19.19 lakh crore. LIC’s valuation tanked Rs 63,629 crore after the government sold a 3.5% stake via IPO. State Bank saw its m-cap plunge Rs 50,112 crore.
Hindustan Unilever and ICICI Bank also saw their valuations decline significantly by Rs 21,792 crore and Rs 6,363 crore, respectively. The total m-cap of these five companies dropped by over Rs 2 lakh crore.
However, some sectors remained resilient. TCS added Rs 38,858 crore to its market worth, climbing to Rs 15.25 lakh crore. In their valuations, Airtel and Infosys witnessed gains of Rs 11,976 crore and Rs 7,450 crore.
ITC and HDFC Bank also closed the week on a positive note, with their m-caps rising by Rs 7,738 crore and Rs 4,444 crore, respectively. Reliance continued topping the charts of most valued enterprises, followed by TCS and others.
Weak global cues pulled the key indices lower by 0.62% on the last Friday of the week, dragged by energy, auto and banking stocks amid relentless FII selling.
