Mumbai: The country’s top 10 firms lost over Rs63,000 crore from their market capitalisation last week, with Reliance Industries alone accounting for over one-third of the value erosion of the premier club.
The valuation of Mukesh Ambani-led Reliance Industries Ltd dipped below Rs200,000 crore mark after losing Rs21,624 crore in the previous week. During the week, the scrip of RIL lost nearly 10% to settle at Rs1,253.55 on Friday’s trade.
The company, which regained the coveted Rs200,000 crore turf three weeks back, saw its valuation dipping to Rs1,97,284 crore last week.
The list, which comprises four private entities and six public sector companies, lost Rs63,403 crore during the week to end at Rs10,12,080 crore. Last week, the valuation of the coveted club stood at Rs10,75,484 crore.
Diversified conglomerate ITC was the lone gainer in the club which added Rs453 crore in its market valuation, moving up by three places to sixth. At the end of trade on Friday, ITC’s market capitalisation stood at Rs 67,989 crore.
Meanwhile, the country’s largest lender, State Bank of India, lost Rs9,358 crore in valuation and dipped to the ninth slot from the previous week’s sixth position.
State-run NTPC witnessed an erosion of Rs4,205 crore in its market capitalisation, while ONGC lost Rs6,641 crore from its market valuation last week.
Besides, trading firm MMTC saw its value erode by Rs5,006 crore and power equipment manufacturer Bhel saw an erosion of Rs4,986 crore during the last week.
Also mining giant NMDC lost Rs5,828 crore from its market capitalisation last week.
Private sector telecom services provider Bharti Airtel lost Rs1,841 crore and IT bellwether Infosys Technologies saw its valuation decline by Rs4,366 crore.
Besides the list of top 10 most valued firms, two private sector lenders ICICI Bank and HDFC Bank witnessed a combined erosion of over Rs14,000 crore from its valuation last week.
While ICICI Bank saw its valuation plummeting by Rs10,955 crore to Rs37,400 crore, HDFC Bank lost only Rs3,341 crore to Rs36,876 crore at the end of trade on Friday.