New Delhi: Amid Sensex tumbling over 4% in a week, the ten most valued companies witnessed a wealth erosion of a whopping Rs1 lakh crore last week, with the country’s largest lender State Bank of India (SBI) emerging as the biggest loser.
The Bombay Stock Exchange barometer Sensex declined by 4.03%, or 848 points, at 20,156.89, making the top ten firms in terms of market capitalization lose Rs1,05,271.24 crore.
SBI was the worst hit with a value erosion of Rs29,155.57 crore last week; it slipped to the fifth spot from the third position in the elite club of ten most valued firms.
On Friday, the reports of Reserve Bank of India (RBI) degrading the SBI to B- from B amid a sluggish broader market, dampened the investors sentiment and the shares of SBI ended with 4.55% loss at Rs3,030.40, making its investors poorer by Rs29,155.57 crore.
The bank’s m-cap has plunged to Rs1,92,427.37 crore from Rs2,21,582.94 crore.
The third spot is now occupied by the software giant TCS with an m-cap of Rs2,06,944.54 crore.
With a market capitalization of Rs3,47,477.67 crore, the country’s most valued firm Reliance Industries continued to dominate at the first place despite shedding Rs14,758.43 in its valuation.
RIL was followed by the oil and gas giant ONGC at the second spot with a total valuation of Rs2,79,507.53 crore. The company’s m-cap declined by Rs15,474.73 crore.
Even as m-cap of Coal India, which made a spectacular entry in the top-10 club last week, declined by Rs1,8791.17 crore, it managed to maintain its fourth position with an m-cap of Rs2,02,060.36 crore.
IT bellwether Infosys Technologies at the sixth spot, shed Rs4,623.8 crore in its total valuation to Rs1,72,168.95 crore. It was followed by NTPC at the seventh place, whose valuation slid by Rs3,339.42 crore to Rs1,58,436.51 crore.
Private sector lender ICICI Bank (eighth spot) and the FMCG giant ITC (ninth spot) saw their respective valuations decline by Rs7,709.63 crore and Rs2,574.85 crore.
Besides, the infrastructure giant Larsen & Toubro re-entered the elite club at the tenth position, replacing the state-run trading firm MMTC. However, L&T’s m-cap dipped by Rs4,899.79 crore to Rs1,26,410.24 crore.
MMTC fell to the eleventh spot, with a loss of Rs5,690 crore in its m-cap at Rs126335 crore.