Mumbai: The bloodbath on the bourses has wiped off a whopping Rs1.50 trillion from market valuations of country’s of 10 most valued firms in the past week, with Reliance Industries suffering the worst blow.
The meltdown at the bourse washed away a big chunk from the market valuation of corporate behemoth Reliance Industries even as others like IT major Infosys Technologies and diversified conglomerate ITC Ltd managed to swim against the tide.
The combined market cap of the elite club saw an erosion of Rs1,50,730 crore in the past week, dropping to Rs8,94,000 crore from the previous week’s Rs10,44,000 crore.
With the market going for a free-fall last week, the country’s most valued firm Reliance Industries lost Rs45,600 crore in its market value dipping below the crucial Rs2,00,000-crore mark.
RIL, which announced its second quarter results last week, registered its profit up by 7.4% at Rs4,122 crore, while its revenue rose by 39.4% to Rs44,938 crore.
Shares of RIL plummeted for three days in row last week to settle at Rs1,015.50 on BSE on Friday, wiping off as much as Rs29,038 crore or about 16% of its market value in a single day.
However, Infosys defied negative market trend and managed to add Rs2,645 crore to its market cap of Rs71,491 crore at the end of Friday’s trading last week. ITC gained Rs245 crore to stand at Rs60,019 crore.
Notwithstanding the fall in valuation, however, Mukesh Ambani-led firm stood at the numero-uno position with Rs1,59,818 crore of market cap on Friday, against Rs2,05,419 crore in the week-ago period.
The Bombay Stock Exchange benchmark Sensex on Friday plunged 1,070 points to end at 8,701, the second biggest fall in this fiscal. The barometer Sensex, which was quoting at 9,975.35 points on 17 October, lost over 1,200 points last week.
Besides, the elite club of top 10 firms, comprising four private sector entities and six public sector units, witnessed a shuffle in the rankings, with PSU firm NTPC regaining the third slot from telecom major Bharti Airtel.
Also Infosys rose to the sixth position, displacing MMTC which slipped to the seventh slot. While ITC moved ahead of NMDC to the eighth rank.
State-run ONGC witnessed a drop of Rs24,886 crore falling to Rs1,41,069 crore at the end of trade last week. Also Bharti Airtel lost over Rs27,000 crore to stand at Rs1,01,446 crore, while SBI lost Rs16,354 crore.