New Delhi: The stock market crash last week led to a massive erosion of wealth of the top valued firms of India. According to the data of the BSE exchange, nine of the top-10 most valued companies firms together lost Rs 2,09,952.26 crore from market valuation last week. The erosion of valuation was a result of weak trends in equities. Hindustan Unilever and Reliance Industries Limited were the biggest hit. The BSE benchmark plummeted 1,822.46 points or 2.24 per cent last week.
“The dismal Q2 earnings so far have aggravated the investors’ woes while persistent FII selling continued to create havoc in the market,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Market capitalisation of Top 10 companies in India
Notably, despite the weak trends in the domestic market, HDFC Bank emerged as the only winner amongst the top-10 companies of India. The mcap of the country’s largest private sector jumped Rs 46,891.13 crore to Rs 13,29,739.43 crore.
However, FMCJ major Hindustan Unilever recorded a massive erosion of Rs 44,195.81 crore to Rs 5,93,870.94 crore while Reliance Industries’, the top firm of India as per the market valuation, tumbled Rs 41,994.54 crore to Rs 17,96,726.60 crore.
State Bank of India, country’s largest bank, saw its market valuation declining by Rs 35,117.72 crore to Rs 6,96,655.84 crore, while telecom major Bharti Airtel dropped by Rs 24,108.72 crore to Rs 9,47,598.89 crore.
The market capitalisation (mcap) of India’s largest IT company, Tata Consultancy Services (TCS), plummeted by Rs 23,137.67 crore to Rs 14,68,183.73 crore, while Infosys, the second largest IT firm, reported a decline of Rs 10,629.49 crore to Rs 7,69,496.61 crore.
ITC’s mcap diminished by Rs 5,690.96 crore to Rs 6,02,991.33 crore, while the market capitalisation of ICICI Bank went down by Rs 5,280.11 crore to Rs 8,84,911.27 crore.
Mukesh Ambani-led Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, ITC, Hindustan Unilever and LIC.
