New Delhi: Nine of the 10 most valued Indian companies suffered a combined erosion of ₹1.60 trillion in market valuation last week, with Reliance Industries Ltd (RIL) taking the biggest knock.
Tata Consultancy Services (TCS) was the lone gainer among the 10 frontline companies, while the rest nine saw their market capitalisation (m-cap) plummet for the week ended Friday.
RIL's valuation plunged ₹99,212.9 crore to ₹7,92,680.96 crore. RIL also lost its status as the country's most valued firm to TCS on Thursday.
HDFC Bank's market cap eroded by ₹19,634 crore to ₹6,25,874.51 crore and that of HDFC dropped ₹13,573.5 crore to ₹3,32,435.38 crore.
The m-cap of ICICI Bank dived ₹10,974.8 crore to ₹2,48,112.25 crore and of ITC tumbled ₹7,232.6 crore to ₹3,64,939.46 crore.
The valuation of Kotak Mahindra Bank Ltd diminished by ₹4,409.41 crore to ₹2,66,292.11 crore and that of Infosys decreased by ₹3,364.07 crore to stand at ₹3,12,837.34 crore.
HUL's m-cap fell by ₹1,233.88 crore to ₹3,65,207.28 crore and of SBI declined ₹981.71 crore to ₹2,74,922.66 crore.
In contrast, TCS added ₹1,144.48 crore to its valuation to reach ₹8,01,340.52 crore.
In the order of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, Hindustan Unilever Ltd (HUL), ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank.
Markets buckled under selling pressure for the eighth straight session Friday -- marking their longest losing streak since mid-February -- as investors remained on the sidelines amid the US-China trade tensions and lacklustre corporate earnings.
Over the last week, the Sensex lost a hefty 1,500.27 points, or 3.85%, to close at 37,462.99 on Friday.