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Business News/ Markets / Stock Markets/  Market cap of 7 of top-10 most valued firms erode by 1 lakh crore; SBI take biggest hit. Details here
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Market cap of 7 of top-10 most valued firms erode by ₹1 lakh crore; SBI take biggest hit. Details here

The market valuation of top firms dropped by ₹1,09,947.86 crore last week, with State Bank of India being the hardest hit.

The valuation of State Bank of India tumbled ₹38,197.34 crore to ₹5,11,603.38 crore. (iStockphoto)Premium
The valuation of State Bank of India tumbled 38,197.34 crore to 5,11,603.38 crore. (iStockphoto)

The market valuation of seven of the top 10 most-valued firms suffered a combined erosion of 1,09,947.86 crore last week. Of these, State Bank of India took the biggest hit, in-tandem with weak trend in equities. Apart from SBI, other companies like ICICI Bank, Hindustan Unilever, ITC, Bharti Airtel, Bajaj Finance, Reliance Industries were the laggards.

Moreover, Tata Consultancy Services (TCS), HDFC Bank and Infosys witnessed addition in their market valuation.

Meanwhile, the BSE benchmark fell by 438.95 points or 0.66 per cent.

Also Read: Up nearly 20%, these smallcap stocks score double-digit growth as broader indices continue to outperform; do you own?

The valuation of State Bank of India tumbled 38,197.34 crore to 5,11,603.38 crore. Shares of State Bank of India on Friday fell by nearly 3 per cent after the company's first quarter earnings failed to cheer investors.

The market capitalisation (mcap) of ICICI Bank eroded by 17,201.84 crore to 6,79,293.90 crore. ITC's valuation tanked 16,846.18 crore to 5,66,886.01 crore while that of Bajaj Finance fell by 14,366.34 crore to 4,32,932.18 crore.

Also Read: RBI Policy, Q1 results, macro data, and more: Check key triggers for stock markets this week

Other companies like Reliance Industries saw mcap lower by 11,806 crore to 16,98,270.74 crore, Hindustan Unilever declined by 9,069.42 crore to 5,98,299.92 crore, Bharti Airtel's valuation dipped by 2,460.74 crore to 4,97,908.56 crore.

Speaking of the gainers, the mcap of TCS jumped 31,815.45 crore to 12,59,555.25 crore. Infosys added 15,791.49 crore taking its valuation to 5,72,062.52 crore. The mcap of HDFC Bank climbed 7,080.63 crore to 12,47,403.26 crore.

Reliance Industries remained the most valued firm of the country, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance.

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Published: 06 Aug 2023, 02:54 PM IST
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