Mcap of five of top 10 most valued firms tumble ₹62,586 crore; TCS, Infosys biggest laggards

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.