Market cap of eight of 10 most valued firms erodes by ₹1.65 lakh crore; HDFC Bank biggest laggard

The combined market valuation of eight of the 10 most valued firms eroded by ₹1,65,501.49 crore last week, with HDFC Bank taking the biggest hit, in-line with a bearish trend in domestic equities.

Last week, the BSE benchmark tanked 1,070.39 points or 1.30%.

While Tata Consultancy Services (TCS) and Infosys witnessed net addition in their market valuations, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Life Insurance Corporation of India (LIC), Bajaj Finance and Hindustan Unilever faced erosion.

The valuation of HDFC Bank tanked by ₹47,075.97 crore to ₹14,68,777.88 crore.

The market capitalisation (mcap) of ICICI Bank tumbled ₹30,677.44 crore to ₹10,10,375.63 crore.

The valuation of Reliance Industries dropped by ₹21,516.63 crore to ₹19,31,963.46 crore and that of State Bank of India eroded by ₹18,250.85 crore to ₹7,07,186.89 crore.

The mcap of Hindustan Unilever Ltd dived by ₹16,388.4 crore to ₹5,44,893.71 crore.

Bharti Airtel's valuation declined by ₹15,481.22 crore to ₹10,50,413.33 crore and that of LIC went lower by ₹13,693.62 crore to ₹5,93,379.66 crore.

The mcap of Bajaj Finance dipped ₹2,417.36 crore to ₹5,80,052.09 crore.

However, the market valuation of TCS jumped ₹22,215.06 crore to ₹12,47,190.95 crore and the mcap of Infosys climbed ₹15,578.3 crore to ₹6,65,318.03 crore.

In the top 10 list, Reliance Industries remained the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever.