As the stock market remains on its path to recovery this month from January’s bloodbath, six out of the top 10 most valued companies saw a major erosion in wealth, losing over ₹71,000 crore in the span of one week. Out of these six firms, Life Insurance Corporation (LIC) of India and Tata Consultancy Services (TCS) were the biggest laggards.
The total wealth lost by the six out of the 10 most valued companies – Life Insurance Corporation of India (LIC), Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Bharti Airtel and Reliance Industries – stood at ₹71,414 crore for the week.
On the other hand, State Bank of India, Infosys, HDFC Bank and ICICI Bank emerged as the gainers. They collectively added ₹62,038.86 crore. However, in last week, the BSE benchmark climbed 831.15 points or 1.16 per cent.
LIC became the biggest loser on the stock market this week, with its overall market value falling by ₹26,217.12 crore to ₹6,57,420.26 crore. Further, TCS market valuation tumbled by ₹18,762.61 crore to ₹14,93,980.70 crore. The two companies jointly lost nearly ₹35,000 crore this week.
The market capitalisation of ITC eroded by ₹13,539.84 crore to ₹5,05,092.18 crore, while that of Hindustan Unilever diminished ₹11,548.24 crore to ₹5,58,039.67 crore.
Market valuation of Bharti Airtel declined ₹703.60 crore to ₹6,30,340.9 crore, and that of Reliance Industries dipped by ₹642.62 crore to ₹19,76,493.92 crore.
While the company saw an overall dip this week, Mukesh Ambani-led Reliance Industries became the first company in India to touch a market valuation of ₹20 lakh crore.
Reliance continues to dominate
Out of the top 10 most valued firms, Reliance Industries continues to retain the top position with a valuation of ₹19,76,493.92 crore, as on Friday. After briefly touching ₹20 lakh crore this week, Reliance stocks slipped to ₹2,925 apiece.
Earlier this week, the company’s shares hit their 52-week high of ₹2,968.40 apiece. The market cap touched ₹20 lakh crore on Tuesday, but slipped down to ₹19.93 lakh during the intra-day trade.
The top gainers from this week were the State Bank of India and Infosys. The market capitalisation of SBI jumped ₹27,220.07 crore to ₹6,73,585.09 crore. Infosys added ₹13,592.73 crore, taking its valuation to ₹7,06,573.08 crore.
Market valuation of HDFC Bank climbed by ₹12,684.58 crore to ₹10,78,493.29 crore and that of ICICI Bank went up by ₹8,541.48 crore to ₹7,17,796.25 crore.
Infosys added ₹13,592.73 crore, taking its valuation to ₹7,06,573.08 crore. Market valuation of HDFC Bank climbed by ₹12,684.58 crore to ₹10,78,493.29 crore and that of ICICI Bank went up by ₹8,541.48 crore to ₹7,17,796.25 crore.
(With inputs from PTI)