Mumbai: The top 10 Indian companies witnessed a loss of over Rs55,000 crore from their market valuations last week, with Reliance Industries alone accounting for over one-third of the value erosion from the premier club.
Mukesh Ambani-led Reliance Industries lost Rs14,872 crore in the previous week from its market capitalisation with the scrip losing over 7% to settle at Rs1,170.55 at the end of Friday’s trade on the Bombay Stock Exchange.
RIL’s market cap stood at Rs1,84,221 crore last week as against Rs1,99,093 crore in the previous week.
The coveted club of top 10 firms, which comprises four private entities and six public sector companies, lost Rs55,932 crore during the week with market cap of Rs96,72,202 crore. Last week, the valuation of the club stood at Rs10,23,135 crore.
With the market meltdown due to heavy selling by Foreign Institutional Investors in the past week, all the top 10 companies witnessed an erosion in their market valuations.
Market analysts said that FIIs have now turned to selling big chunks of their investment in blue chips which led to the tumbling at the bourses.
State-run NTPC lost Rs6,060 crore in its market cap, while ONGC witnessed an erosion of Rs3,786 crore in its valuation last week.
Private telecom service provider Bharti Airtel and IT behemoth Infosys Technologies lost Rs 6,549 crore and Rs 693 crore, respectively, from their market caps in the past week.
State-run trading firm MMTC saw its valuation come down by Rs4,458 crore last week.
Meanwhile, power equipment maker Bhel jumped up one position to notch the seventh place, even after its market cap came down by Rs4,097 crore, while diversified conglomerate ITC slipped to the eighth position, losing Rs6,848 crore from its market valuation.
Country’s largest public sector lender SBI saw an erosion of Rs5,476 crore and mining giant NMDC witnessed a loss of Rs3,092 crore from its market valuation.
Besides the list of top 10 most valued firms of BSE, two private sector lenders ICICI Bank and HDFC Bank witnessed a combined erosion of over Rs10,108 crore from its valuation last week.
While, ICICI Bank saw its valuation plummeting by Rs6,546 crore to Rs29,980 crore, HDFC Bank lost only Rs3,562 crore to Rs34,075 crore at the end of trade on Friday.
RIL, the numero-uno in the list, is followed by NTPC (Rs1,45,821 crore), ONGC (Rs1,44,042 crore), Bharti Airtel (Rs1,143,02 crore), Infosys (Rs69,816 crore), MMTC (Rs65,840 crore), Bhel (Rs64,245 crore), ITC (Rs62,181 crore), SBI (Rs59,733 crore), NMDC (Rs56,993 crore).