Top 10 listed firms lose ` 2.5L- cr value in 1 week

Last week, Reliance Industries plummented by ` 1,32,061.4crore

New Delhi, Oct. 7: A weak broader market pulled down the combined market valuation of the top 10 most valued Indian companies by a whopping ` 2,55,995 crore last week, with Reliance taking the steepest hit.

The equity market witnessed severe drubbing last week, with the BSE benchmark Sensex falling sharply by 1,850.15 points to end at 34,376.99.

From the top 10 pack, RIL’s market capitalisation ( m- cap) plummeted ` 1,32,061.4 crore to ` 6,65,441.16 crore.

IT firm Tata Consultancy Services ( TCS) took the second biggest hit, with its valuation plunging ` 31,164.6 crore to ` 8,05,187.65 crore, while that of ITC tanked ` 23,932.94 crore to ` 3,39,284.67 crore.

Kotak Mahindra Bank’s valuation fell ` 17,091.72 crore to ` 2,00,874.28 crore and that of Maruti slumped ` 13,821.67 crore to ` 2,08,223.79 crore.

HDFC Bank suffered an erosion of ` 11,629.51 crore to ` 5,33,340.93 crore and that of Hindustan Unilever fell sharply by ` 10,433.61 crore to ` 3,37,566.18 crore.

The valuation of HDFC dived ` 6,812.89 crore to ` 2,90,520.19 crore and that of SBI went down by ` 6,425.7 crore to ` 2,30,075.87 crore.

Similarly, the m- cap of Infosys fell by ` 2,621.03 crore to ` 3,15,331.73 crore.

In the ranking of top- 10 firms, TCS stood at number one position, followed by Reliance Industries Ltd ( RIL), HDFC Bank, ITC, HUL, Infosys, HDFC, SBI, Maruti and Kotak Mahindra Bank.

Rise in oil prices and US treasury yields and a tightening of global dollar liquidity are the key reasons for the FPI selling as they have induced high volatility in markets... The matter was further exacerbated by the IL& FS default and the rout in NBFC debt papers. — ALOK AGARWALA, Bajaj Capital