Top firms lose Rs30,000 cr in a turbulent week

Top firms lose Rs30,000 cr in a turbulent week

Mumbai: Even as four firms, including State Bank of India, managed to add to their market capitalisation amid high volatility on the bourses, the elite club of country’s top 10 companies saw their valuations tumbling by a whopping Rs30,000 crore in just one week.

The 10 firms, comprising six from public sector and four private sector entities, together lost Rs30,474 crore in market capitalisation for the week ending 21 November.

At the end of Friday’s trade, the total market value of the 10 most-valued firms stood at Rs9,50,253 crore, down from Rs9,80,727 crore a week ago.

Among the losers, state-run mining giant NMDC declined the most, shedding Rs11,874 crore in valuation, followed by another public sector company MMTC, which saw a fall of Rs8,605 crore in market capitalisation.

Telecom giant Bharti Airtel witnessed substantial decline in its valuation, dropping Rs5,890 crore.

Mukesh Ambani-led Reliance Industries’ market value dropped by Rs3,336 crore, accounting for nearly 10% of the total losses incurred by the 10 companies.

On the other hand, apart from State Bank of India, two other public sector entities - NTPC and BHEL - and private sector player ITC added to their market valuation.

While SBI added Rs828.52 crore to its market capitalisation, NTPC gained Rs824 crore. Further, ITC and BHEL saw their valuation rising by Rs170 crore and Rs56 crore, respectively.

Weak global cues and heavy selling pressure battered the benchmark Sensex this week, with the 30-share index losing 470 points. However, Sensex snapped its losing streak on Friday and closed at 8,915.21 points.

On Thursday, the key index had plunged to its three-year low at 8,451 points.

Other major losers were IT bellwether Infosys, whose market capitalisation decreased Rs1,898 crore and that of state-run ONGC Rs748.61 crore.

In terms of the most valued companies in the top 10, Reliance Industries has retained its numero uno position with a market value of Rs1,77,421.22 crore, followed by ONGC (Rs1,47,593 crore), NTPC (Rs1,23,888 crore), and Bharti Airtel (Rs1,17,518 crore).