MCap of six of ten most valued firms drops by ₹2.22 lakh crore; Reliance biggest laggard

The combined market valuation of six of the ten most valued firms diminished by ₹2.22 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities. Last week, the BSE benchmark gauge declined by 294.64 points or 0.36%.

“Markets ended lower for the fourth straight week as caution prevailed amid mixed cues. The market’s direction was initially influenced by earnings announcements, with the banking sector showing strength owing to positive results from HDFC Bank and ICICI Bank. However, a dip in stocks such as Reliance capped the recovery. Furthermore, foreign fund outflows and uncertainty over trade deals ahead of the August 1 deadline kept volatility high,” Ajit Mishra, SVP, Research, Religare Broking Limted, said.

From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Infosys, Bajaj Finance, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered a combined erosion of ₹2,22,193.17 crore from their market valuation. HDFC Bank, Bharti Airtel, ICICI Bank and State Bank of India made gains in their valuation. “The valuation of Reliance Industries tumbled ₹1,14,687.7 crore to ₹18,83,855.52 crore,” the most among the top-10 firms.

Infosys faced an erosion of ₹29,474.56 crore to ₹6,29,621.56 crore from its Market Capitalisation (MCap). The valuation of LIC tanked ₹23,086.24 crore to ₹5,60,742.67 crore and that of TCS dropped by ₹20,080.39 crore to ₹11,34,035.26 crore. The MCap of Bajaj Finance declined by ₹17,524.3 crore to ₹5,67,768.53 crore and that of Hindustan Unilever fell by ₹17,339.98 crore to ₹5,67,449.79 crore. However, the market valuation of HDFC Bank jumped ₹37,161.53 crore to ₹15,38,078.95 crore. ICICI Bank added ₹35,814.41 crore taking its valuation to ₹10,53,823.14 crore.

‘Forest’ friends in Dalal Street

The MCap of Bharti Airtel climbed ₹20,841.2 crore to ₹11,04,839.93 crore and that of State Bank of India went up by ₹9,685.34 crore to ₹7,44,449.31 crore. Reliance Industries remained the most valued domestic firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and LIC.