New Delhi, Sep 28: The combined market valuation of the top-10 most valued firms eroded by `2,99,661.36 crore last week, in line with a bearish trend in equities, with IT bellwether Tata Consultancy Services taking the biggest hit.
Last week, the BSE benchmark tanked 2,199.77 points or 2.66 per cent.
“A sharp hike in H-1B visa fees led to heavy unwinding in technology stocks, while also pressuring the Indian rupee, which slipped to a record low against the US dollar.
“Adding to the headwinds, the imposition of 100 per cent tariffs on branded and patented pharmaceutical imports to the US further dampened sentiment, with ripple effects felt across multiple sectors and weighing heavily on market confidence,” Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.
The market valuation of Tata Consultancy Services (TCS) tumbled `97,597.91 crore to `10,49,281.56 crore, the most among the top-10 firms.
Reliance Industries’ valuation eroded by `40,462.09 crore to `18,64,436.42 crore.
Infosys lost `38,095.78 crore from its market valuation, which stood at `6,01,805.25 crore.
The market capitalisation (mcap) of HDFC Bank tanked by `33,032.97 crore to `14,51,783.29 crore, and that of ICICI Bank dived `29,646.78 crore to `9,72,007.68 crore.
Bharti Airtel’s valuation fell by `26,030.11 crore to `10,92,922.53 crore, and that of Life Insurance Corporation of India (LIC) diminished by `13,693.62 crore to `5,51,919.30 crore.
The mcap of Hindustan Unilever dropped by `11,278.04 crore to `5,89,947.12 crore, and that of Bajaj Finance declined by `4,977.99 crore to `6,12,914.73 crore.
The market valuation of State Bank of India dipped by `4,846.07 crore to `7,91,063.93 crore.
Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever and LIC. (PTI)
