7 most-valued Indian firms lose ₹1.35L crore, TCS hit hardest
What's the story
The market capitalization of seven out of the top 10 most valued companies in India has taken a major hit, losing a whopping ₹1.35 lakh crore last week. Tata Consultancy Services (TCS) emerged as the biggest loser in this decline. The BSE benchmark index also witnessed a fall, declining by 863.18 points or 1.05%.
Valuation drop
TCS lead the valuation erosion
The combined market capitalization of TCS, Bharti Airtel, ICICI Bank, State Bank of India (SBI), Infosys, Life Insurance Corporation of India (LIC), and Bajaj Finance took a major hit last week. The total erosion from their market valuations was ₹1,35,349.93 crore. Among these companies, TCS suffered the most with its valuation plunging by ₹47,487.4 crore to ₹10,86,547.86 crore.
Valuation impact
Other companies that suffered last week
Along with TCS, Bharti Airtel's market capitalization also took a hit. It eroded by ₹29,936.06 crore to ₹10,74,903.87 crore. Bajaj Finance and Infosys also witnessed a decline in their valuations by ₹22,806.44 crore and ₹18,694.23 crore, respectively. SBI's market cap declined by ₹11,584.43 crore while ICICI Bank and LIC saw their valuations drop by ₹3,608 crore and ₹1,233.37 crore, respectively, last week alone.
Valuation rise
Take a look at the gainers
Despite the overall decline, some companies did witness a rise in their market valuations. Hindustan Unilever's valuation rose by ₹32,013.18 crore to ₹5,99,462.97 crore. HDFC Bank's market cap also jumped by ₹5,946.67 crore to ₹15,44,025.62 crore Meanwhile, Reliance Industries Ltd witnessed an increase of ₹2,029.87 crore, taking its valuation to ₹18,85,885.39 crore.