Mcap of 7 of top-10 most valued firms erodes by Rs 88,635 cr; Airtel, TCS biggest laggards

The combined market valuation of seven of the top-10 most valued firms eroded by Rs 88,635.28 crore in a holiday-shortened last week, with Bharti Airtel and Tata Consultancy Services taking the biggest hit, in line with the weak trend in equities.

In a holiday-shortened last week, the BSE benchmark tanked 722.43 points or 0.86 per cent, and the Nifty declined by 229.8 points or 0.89 per cent.

While Reliance Industries, HDFC Bank, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, Infosys and Hindustan Unilever faced erosion from their valuation, State Bank of India, Bajaj Finance and Life Insurance Corporation of India (LIC) were the gainers from the top-10 pack.

The market valuation of Bharti Airtel tumbled Rs 30,506.26 crore to Rs 11,41,048.30 crore.

TCS faced an erosion of Rs 23,680.38 crore from its valuation, which stood at Rs 10,82,658.42 crore.

The market capitalisation (mcap) of Hindustan Unilever dropped by Rs 12,253.12 crore to Rs 5,67,308.81 crore, and that of Reliance Industries declined by Rs 11,164.29 crore to Rs 20,00,437.77 crore.HDFC Bank’s mcap dipped by Rs 7,303.93 crore to Rs 15,11,375.21 crore, and that of Infosys edged lower by Rs 2,139.52 crore to Rs 6,13,750.48 crore.The valuation of ICICI Bank declined by Rs 1,587.78 crore to Rs 9,59,540.08 crore.

However, the mcap of LIC climbed Rs 18,469 crore to Rs 5,84,366.54 crore.

The market valuation of State Bank of India jumped Rs 17,492.02 crore to Rs 8,82,400.89 crore, and that of Bajaj Finance went up by Rs 14,965.08 crore to Rs 6,63,721.32 crore.

Reliance Industries remained the most valued domestic firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, LIC and Hindustan Unilever.