Mumbai: Seven of the top 10 Indian companies have lost more than Rs 28,000 crore in their market capitalization in just a week’s time, and Coal India was the hardest hit with a loss of over Rs 7,000 crore.
The seven companies witnessed whopping drop of Rs 28,960 crore in their combined valuations amid a weak market which saw the 30-scrip benchmark Sensex losing 1.36%.
“It is a highly volatile market because of euro zone crises. Stocks are reacting to their September quarter numbers and on any negative cue stocks are getting hammered, which in turn is impacting their market capitalization,” Ashika Stock Brokers Research Head Paras Bothra said.
But three companies - Bharti Airtel, NTPC and SBI - defied the broader market trend and witnessed improvement in their market capitalization totalling to Rs 7,324 crore.
Commenting on these three stocks, Bothra said Bharti Airtel and NTPC surged after their September quarter results beat street expectations. While, SBI which has been beaten down quite sharply in the recent past saw buying activity at lower levels. Besides, the stock is also on an uptrend ahead of its results, Bothra said.
There was no change in the rankings of the top 10 listed companies, market leader RIL retained the top slot, while state-owned ONGC was the second most valued company, followed by country’s largest software services exporter TCS.
State-owned Coal India was the fourth most valued company, followed by ITC, Infosys, Bharti, NTPC, SBI and HDFC Bank.
State-owned Coal India, which is facing drop in output, saw its market valuation falling from Rs 2,13,524 crore as on 28 Oct, to Rs 2,06,134 crore as on Friday.
RIL was the second worst hit in terms of market valuation as it lost Rs 6,024 crore and its m-cap as on 4 November stood at Rs 2,88,001 crore.
During last week, ONGC’s m-cap eroded by Rs 5,946 crore to Rs 2,37,543 crore, TCS’ market valuation slipped by Rs 4,022 crore to Rs 2,15,118 crore, ITC m-cap fell Rs 3,731 crore to Rs 1,63,505 crore, Infosys fell by Rs 1,754 crore to Rs 1,62,447 crore and HDFC Bank’s m-cap tanked by Rs 93 crore to Rs 1,12,594 crore.