Mcap of 10 most valued firms erodes by Rs 1.68 lakh crore; Reliance biggest drag

The combined market valuation of the top 10 valued firms eroded by Rs 1,68,552.42 crore last week, with Reliance Industries taking the biggest hit in an overall weak broader market.

Last week, the Sensex tumbled 1,492.52 points or 2.43 per cent. Market sentiment remained weak amid surging Coivd cases in China and a few other nations, while stronger US growth data cemented expectations of the Federal Reserve continuing with its hawkish stance.

Reliance Industries' valuation tanked Rs 42,994.44 crore to Rs 16,92,411.37 crore. State Bank of India's market valuation tumbled Rs 26,193.74 crore to Rs 5,12,228.09 crore.

The valuation of HDFC Bank eroded by Rs 22,755.96 crore to Rs 8,90,970.33 crore and that of Life Insurance Corporation of India (LIC) plunged Rs 18,690.03 crore to Rs 4,16,848.97 crore.

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The market capitalisation (mcap) of ICICI Bank diminished by Rs 16,014.14 crore to Rs 6,13,366.40 crore and that of Hindustan Unilever declined by Rs 11,877.18 crore to Rs 6,15,557.67 crore.

The mcap of Infosys slumped Rs 10,436.04 crore to Rs 6,30,181.15 crore and that of HDFC went lower by Rs 8,181.86 crore to Rs 4,78,278.62 crore.

Bharti Airtel's mcap declined by Rs 7,457.25 crore to Rs 4,49,868.21 crore and that of Tata Consultancy Services (TCS) dipped Rs 3,951.78 crore to Rs 11,80,885.65 crore.

In the ranking of top-10 companies, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, State Bank of India, HDFC, Bharti Airtel and LIC.