Reliance Industries, TCS, HDFC Bank, ICICI Bank - 8 of top-10 most valued Indian firms lose Rs 1.17 lakh crore in market valuation

Market Capitalisation: The combined market capitalisation of eight of the 10 most valued companies listed on the BSE faced a combined erosion of Rs 1,17,493.78 crore in an overall weak trend in equities last week. Infosys took the biggest hit.

The eight companies that suffered a decline in their valuation include Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever, Bharti Airtel, ICICI, and more.

It should be noted that ITC and the State Bank of India were the only gainers.

Last week, the 30-share BSE Sensex declined by 775.94 points or 1.28 per cent.

The market valuation of Infosys plummeted by Rs 66,854.05 crore to Rs 5,09,215 crore. Infosys Ltd on April 13 reported lower-than-expected growth in the fourth quarter's net profit and had a weak 4-7 per cent revenue growth guidance for FY24 amid the tightening of IT budgets by clients following turmoil in the US banking sector.

HDFC Bank's valuation tumbled Rs 10,880.5 crore to Rs 9,33,937.35 crore.

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ICICI Bank lost Rs 10,462.77 crore from its valuation which stood at Rs 6,17,477.46 crore and the market capitalisation (mcap) of TCS tanked Rs 10,318.52 crore to Rs 11,56,863.98 crore.

The mcap of Hindustan Unilever declined by Rs 8,458.53 crore to Rs 5,86,927.90 crore and that of HDFC fell by Rs 5,172.27 crore to Rs 5,06,264.24 crore.

The market valuation of Reliance Industries decreased Rs 4,566.52 crore to Rs 15,89,169.49 crore and that of Bharti Airtel dipped Rs 780.62 crore to Rs 4,26,635.46 crore.

However, ITC's valuation jumped Rs 15,907.86 crore to Rs 5,07,373.82 crore and that of State Bank of India climbed Rs 8,746.11 crore to Rs 4,84,561.80 crore.

Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, HDFC, State Bank of India, and Bharti Airtel.

(With PTI inputs)