Mumbai: The combined market capitalisation (m-cap) of five of the country’s top-10 firms, including blue chips like Infosys and TCS, declined by Rs 21,987.96 crore during the last week amid a sluggish broader market sentiment.
Hit by muted earnings, IT bellwether Infosys lost Rs 14,202.34 crore from its m-cap, which stood at Rs 1,56,782.72 crore.
Infosys’ net jumped nearly 16% to Rs 1,722 crore and its revenues rose to Rs 7,485 crore in the first quarter ended 30 June, 2011, which according to market experts were below street expectations.
Shares of the company also took a hit and dropped by over 8% to end the week at Rs 2,730.55.
Similarly, the country’s largest software company TCS lost Rs 4,589.63 crore from its market valuation which was at Rs 2,24,696.35 crore.
Despite registering a 26.7% rise in net profit to Rs 2,415 crore for the first quarter of 2011-12, TCS saw dip in its m-cap. Shares of the company also fell by 2% to end the week at Rs 1,148.05 on the BSE.
The other major dampener from the coveted list was telecom giant Bharti Airtel whose m-cap diminished by Rs 2,088.63 crore to Rs 1,49,090.64 crore.
Power producer NTPC’s market worth slipped by Rs 618.41 crore to Rs 1,55,962.88 crore.
Country’s biggest lender SBI, too, saw its valuation dipping by Rs 488.95 crore to Rs 1,56,902.85 crore.
In contrast, Reliance Industries, ONGC, Coal India, ITC and ICICI Bank saw addition in their respective m-cap.
RIL saw its market cap surging by Rs 6,188.09 crore to Rs 2,85,928.9 crore and state-owned ONGC’s valuation advanced by Rs 1,668.32 crore to Rs 2,37,970.68 crore.
Coal India also saw its m-cap swelling by Rs 2,273.89 crore to Rs 2,30,926.12 crore and FMCG honcho ITC added Rs 953.41 crore to its m-cap which was at Rs 1,55,908.86 crore.
Private sector lender ICICI Bank saw a mild addition of Rs 11.06 crore to its m-cap which stood at Rs 1,22,131.54 crore.
Meanwhile, the BSE benchmark index Sensex fell by over 296 points to end the week at 18,561.92.