Mcap of 5 most valued firms erodes by ₹1 trn, TCS takes biggest hit
The combined market valuation of five of the top-10 most valued firms eroded by Rs 1 lakh crore last week, with IT bellwether TCS taking the biggest hit, amid a bearish trend in domestic equities.
Last week, the BSE benchmark Sensex declined 489.92 points, or 0.62 per cent, and the NSE Nifty dipped 204.65 points, or 0.83 per cent.
"Markets ended the week lower as elevated crude oil prices, renewed geopolitical uncertainty and mixed global cues weighed on investor sentiment," Ajit Mishra SVP, Research, Religare Broking Ltd, said.
While Reliance Industries, HDFC Bank, ICICI Bank, State Bank of India and Tata Consultancy Services (TCS) faced erosion from their valuation, Bharti Airtel, Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India (LIC) and Hindustan Unilever were the winners from the top-10 pack.
These five firms together added Rs 55,149.45 crore in market valuation.
The market valuation of TCS eroded by Rs 34,263.28 crore to Rs 8,53,506.85 crore.
Reliance ...
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