Mumbai: Country’s top 10 firms club witnessed an erosion of over Rs34,000 crore in its market capitalization amid the meltdown last week, while valuations of Reliance Industries and ONGC saw a massive dip.
The top 10 companies together lost Rs34,423 crore in market cap last week, while Reliance Industries alone suffered a loss of Rs10,906 crore.
Also, state-run ONGC’s market valuation declined by Rs10,277 crore in the past week to Rs 1,48,341 crore.
At the end of Friday’s trade, the total market value of the 10 most valued firms, comprising six public sector units and four private sector entities, stood at Rs9,80,727 crore, down from Rs10,15,150 crore a week ago.
During the last week, Mukesh Ambani-led RIL, which has the maximum weightage among Sensex stocks, fell in all the four trading sessions and settled at Rs1,148.55, a loss of 5.69% compared to previous week’s close, on the Bombay Stock Exchange.
The market valuation of RIL which slipped from its Rs two-trillion mark a couple of week back dipped further to Rs180,758 crore. However, it retained its numero-uno position.
Meanwhile, Bharti Airtel regained its third slot after gaining Rs28.47 crore last week, thereby replacing state-run power utility NTPC, which suffered a loss of Rs1,600 crore in market cap to slip to the fourth place.
Country’s largest lender State Bank of India took a hit Rs5,025 crore in its valuation and hold the fifth place.