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Business News/ Markets / Stock Markets/  Mcap of five of top 10 most valued firms tumble 62,586 crore; TCS, Infosys biggest laggards
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Mcap of five of top 10 most valued firms tumble ₹62,586 crore; TCS, Infosys biggest laggards

Top firms lose ₹62,586.88 crore in market valuation as bearish trend in equity markets continues. TCS and Infosys hit hardest.

Mcap of five of top ten firms declined by ₹62,586 crore (Bloomberg)Premium
Mcap of five of top ten firms declined by 62,586 crore (Bloomberg)

As the bearish trend in equity markets continue to raise stress among investors, five of the top ten most valued firms lost their combined market valuation by 62,586.88 crore last week. Last week, IT majors like Tata Consultancy Services (TCS) and Infosys emerged as the biggest loser of the market. 

Last week, the BSE benchmark fell 180.74 points or 0.27 per cent, and the Nifty declined 35.95 points or 0.18 per cent. The market valuation of TCS dropped by 26,308.58 crore to 12,91,919.56 crore.

On the other hand, Infosys witnessed a decline in its valuation by 25,296.43 crore from its valuation which was at 5,95,597.10 crore. Share value of the tech major closed 0.18% down at 3530.75 per share on BSE on Friday. 

One of the major reasons behind the slump in the shares of IT majors like Infosys, TCS, Wipro was weak revenue growth guidance of Accenture for the fiscal year 2023-24. The company forecasted the first-quarter revenue below the Wall Street targets. The company forecast for the current financial year reflected the impact of high inflation and interest rates pressure on demand.

The market valuation of Reliance Industries fell by 5,108.05 crore to 15,87,553.37 crore and that of Hindustan Unilever declined by 3,865.08 crore to 5,79,373.96 crore.

Despite their overall decline in wealth throughout the week, Hindustan Unilever and Reliance Industries ended in green on Friday. Reliance Industries shares closed 0.54% higher at 2346.50 per cent on Friday. HUL shares closed .23% higher at 2465.85 per share on BSE.

The market capitalisation (mcap) of HDFC Bank dipped 2,008.74 crore to 11,57,145.86 crore. However, the mcap of Bajaj Finance jumped 20,413.41 crore to 4,73,186.41 crore.

Bharti Airtel added 8,520.13 crore to 5,19,279.14 crore in its valuation while the mcap of ITC climbed 1,526.52 crore to 5,54,207.44 crore.

The valuation of ICICI Bank advanced 1,296.63 crore to 6,66,728.97 crore and that of State Bank of India gained 535.48 crore to 5,34,316.52 crore.

In the ranking of the most valued firms, Reliance Industries remained at the top followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, ITC, State Bank of India, Bharti Airtel and Bajaj Finance.

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Updated: 01 Oct 2023, 12:18 PM IST
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