Last week saw a collective decline in the market valuation of six out of the top-10 most valued companies, amounting to a substantial ₹1,73,097.59 crore. This trend was largely influenced by weak equities, as indicated by the BSE benchmark plummeting by 1,213.68 points or 1.64 percent during the same period.
HDFC Bank experienced the most significant setback, with its market valuation plunging by ₹60,678.26 crore to ₹10,93,026.58 crore. Similarly, Life Insurance Corporation of India (LIC) witnessed a notable decline of ₹43,168.1 crore, bringing its valuation down to ₹5,76,049.17 crore.
Also read: Week Ahead: Inflation data, Q4 Results, FII activity, global cues among key market triggers this week
Reliance Industries also faced a considerable erosion of ₹36,094.96 crore, resulting in its market valuation dropping to ₹19,04,643.44 crore. Additionally, ICICI Bank and State Bank of India saw declines of ₹17,567.94 crore and ₹11,780.49 crore respectively, while ITC’s valuation dipped by ₹3,807.84 crore.
Despite the overall downturn, there were exceptions such as Hindustan Unilever, whose market valuation increased by ₹33,270.22 crore. Meanwhile, Tata Consultancy Services (TCS) saw a rise of ₹20,442.2 crore in its valuation, and Bharti Airtel rallied by ₹14,653.98 crore. Infosys also witnessed a modest increase of ₹3,611.26 crore.
Reliance Industries retained its position as the most valued company, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC.
(With inputs from PTI)
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Published: 12 May 2024, 12:42 PM IST
