Mcap of 6 of top-10 most-valued domestic firms erodes by Rs 1 lakh cr; Reliance takes biggest hit

Six of the top-10 most valued domestic firms suffered a combined erosion of Rs 1,02,280.51 crore in market valuation last week, amid a weak trend in equities, with Reliance Industries taking the biggest hit.

Last week, the BSE benchmark fell 405.21 points or 0.63 per cent amid a bearish trend in global equities and concerns over rate hikes by central banks of various countries.

From the top-10 pack, Reliance Industries, ICICI Bank, Hindustan Unilever, ITC, Infosys and State Bank of India faced erosion from their market capitalisation (mcap). However, Tata Consultancy Services (TCS), HDFC Bank, HDFC and Bharti Airtel emerged as the gainers.

The market valuation of Reliance Industries tumbled Rs 40,695.15 crore to Rs 17,01,720.32 crore.

Hindustan Unilever's mcap diminished by Rs 17,222.5 crore to Rs 6,20,797.26 crore.

State Bank's valuation fell by Rs 14,814.86 crore to Rs 4,95,048.22 crore and that of Infosys declined by Rs 11,204.66 crore to Rs 5,25,228.89 crore.

The mcap of ITC went lower by Rs 10,625.95 crore to Rs 5,52,611.81 crore and that of ICICI Bank dipped Rs 7,717.39 crore to Rs 6,46,262.77 crore.

However, HDFC Bank added Rs 23,525.6 crore taking its market valuation to Rs 9,18,984.17 crore.

The mcap of TCS jumped Rs 15,441.19 crore to Rs 11,77,281.48 crore.

HDFC's valuation climbed Rs 13,821.74 crore to Rs 5,03,318.08 crore and that of Bharti Airtel advanced Rs 11,297.68 crore to Rs 4,77,710.47 crore.

In the ranking of top-10 most valued firms, Reliance Industries continued to rule the chart, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, ITC, Infosys, HDFC, State Bank of India and Bharti Airtel.