Active Stocks
Fri May 17 2024 15:59:40
  1. Tata Steel share price
  2. 167.25 0.81%
  1. Power Grid Corporation Of India share price
  2. 313.35 0.26%
  1. State Bank Of India share price
  2. 817.85 0.73%
  1. NTPC share price
  2. 365.40 1.11%
  1. HDFC Bank share price
  2. 1,464.90 0.33%
Business News/ Markets / Stock Markets/  Top Indian firms lose 1.40 lakh crore in mcap; IT majors TCS, Infosys among hardest hit, HDFC Bank, RIL top gainers
BackBack

Top Indian firms lose ₹1.40 lakh crore in mcap; IT majors TCS, Infosys among hardest hit, HDFC Bank, RIL top gainers

In a holiday-shortened week, India's stock market witnessed a significant dip, with major tech firms like TCS and Infosys experiencing drastic drops in market valuation amidst festive celebrations.

Deserted trading floor at Bombay Stock Exchange during Ram Navami celebrations as top Indian firms report a ₹1.4 lakh crore loss in market capitalization, (Pixabay)Premium
Deserted trading floor at Bombay Stock Exchange during Ram Navami celebrations as top Indian firms report a 1.4 lakh crore loss in market capitalization, (Pixabay)

As India celebrated Ram Navami, the stock market seemed less in a celebratory mood. In the week cut short by the holiday, six of India's top 10 valued firms were feeling helpless, with an eye-popping 1,40,478.38 crore rupees evaporating from their combined market capitalization. 

The downturn fell particularly heavily on the shoulders of two tech titans: Tata Consultancy Services (TCS) and Infosys - reflective of a week where tradition and modern financial realities collided with unexpected force.

Also Read | Infosys shares trade lower after Q4 results 2024. Buy or sell?

Significant Losses for Tech Giants

TCS saw the maximum erosion in market valuation of 62,538.64 crore to end at 13,84,804.91 crore. At the same time, Infosys was a big loser as its valuation fell from 30,488.12 crore to 5,85,936.45 crore.

Shares of Infosys fell by as much as 1 per cent on April 19 after it declined by 8-9 per cent constant currency in the quarterly guidance.

Also Read | Wipro ends a dismal year, and the next quarter may be no better either

The banking and consumer goods sectors were also adversely affected. Among other significant firms, ICICI Bank eroded 26,423.74 crore from market capitalization, while the State Bank of India saw a 14,234.76 crore erosion from its valuation. 

Also Read | Telecos to benefit from likely tariff hikes, says IIFL Securities; upgrades Vodafone Idea, ups target on Bharti Airtel

Valuations of ITC and Hindustan Unilever also declined by 6,616.9 crore and 176.22 crore. While many companies saw valuations reduce due to the overall negative trend, some managed to buck the trend. 

Bharti Airtel's market capitalization went up by 37,797.09 crore, while HDFC Bank and Reliance Industries also added to the valuations, giving gains to the overall metrics of the top 10 firms. The top place continued to be with Reliance Industries, followed by TCS and HDFC Bank.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 Apr 2024, 11:13 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started