Mumbai: The combined market valuation of 8 of the 10 most valued domestic firms eroded by Rs2 lakh crore last week. Equity benchmark indices BSE Sensex and NSE Nifty extended their downward trend to the eighth day in a row on Friday. In the past eight trading days, the BSE benchmark has tumbled 2,644.6 points or 3.36 per cent, and the Nifty slumped 810 points or 3.41 per cent.
While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Infosys, State Bank of India, Hindustan Unilever, Bajaj Finance and ITC faced a combined erosion of Rs 2,03,952.65 crore in their valuation, Bharti Airtel and ICICI Bank emerged as the gainers.
Market capitalisation or ‘market cap’ is a measure used to evaluate the total value of a publicly traded company. It is calculated by multiplying the current share price of the company by the total number of outstanding shares. In essence, market capitalisation represents the theoretical value of a company.
The market capitalisation (mcap) of Reliance Industries tanked Rs 67,526.54 crore to Rs 16,46,822.12 crore. The valuation of TCS tumbled Rs 34,950.72 crore to Rs 14,22,903.37 crore. HDFC Bank’s mcap eroded by Rs 28,382.23 crore to Rs 12,96,708.35 crore and that of ITC plunged Rs 25,429.75 crore to Rs 5,13,699.85 crore.
Also Read: Stock Market: Sensex, Nifty end higher
The mcap of Infosys dropped Rs 19,287.32 crore to Rs 7,70,786.76 crore and that of State Bank of India declined Rs 13,431.55 crore to Rs 6,44,357.57 crore. The market valuation of Hindustan Unilever diminished by Rs 10,714.14 crore to Rs 5,44,647 crore and that of Bajaj Finance dipped Rs 4,230.4 crore to Rs 5,20,082.42 crore.
However, the mcap of Bharti Airtel jumped Rs 22,426.2 crore to Rs 9,78,631.54 crore and that of ICICI Bank climbed Rs 1,182.57 crore to Rs 8,88,815.13 crore.
In the top-10 chart, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, Bajaj Finance and ITC.
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