Mumbai: With stock markets continuing their downslide, the country’s elite club of most valued firms lost over Rs94,000 crore in a week, though SBI defied the trend and added nearly Rs4,000 crore to its market capitalization.
The combined market capitalization of the country’s top 10 firms saw an erosion of Rs94,448 crore in the past week, dropping to Rs10,44,245 crore at the end of trading on Friday last week from the previous week’s Rs11,38,734 crore.
However, the country’s largest lender State Bank of India defied the losing trend and gained Rs3,923 crore to Rs89,768 crore. Last week witnessed banking stocks mostly trading in the negative territory, while SBI outperformed its peers and managed to increase its market capitalization.
Analysts believe SBI’s strong fundamentals have resulted in better performance of its shares amid bearish market conditions.
The largest private sector lender ICICI Bank, which slipped from the top-20 club last week and lost its position to HDFC Bank, has regained its position.
While ICICI Bank’s market capitalization rose to Rs43,606 crore last week from Rs40,532 crore previously, HDFC Bank’s valuation took a marginal dip to Rs43,533.39 crore.
India’s most valued firm Reliance Industries suffered the highest fall in its market capitalization of Rs34,898 crore during the past week. However, the Mukesh Ambani-led firm retained its numero-uno position with a valuation of Rs2,05,418 crore.
Besides, the elite club of top-10 firms, comprising four private sector and six public sector entities, witnessed a shuffle in their rankings, with telecom major Bharti Airtel regaining the third slot from PSU firm NTPC, while ITC moved ahead of BHEL to grab the ninth rank.
State-run ONGC witnessed a drop of Rs 29,933 crore last week falling to Rs1,65,954 crore at the end of trade on Friday last week. Also, power utility NTPC lost over Rs 13,000 crore in its market cap to Rs 1,23,475 crore, while MMTC lost Rs4,190 crore.