Five of top 10 firms take ₹1.97 lakh crore hit in market valuation; TCS, Infy biggest losers

The combined market valuation of five of the 10 most valued firms eroded by ₹1,97,958.56 crore last week, with IT majors Tata Consultancy Services (TCS) and Infosys taking the biggest hit amid volatile trends in equities.

Last week, the BSE benchmark climbed 188.51 points or 0.25 per cent.

The market valuation of TCS tanked ₹1,10,134.58 crore to ₹14,15,793.83 crore, the most among the top 10 firms.

The valuation of Infosys tumbled ₹52,291.05 crore to ₹6,26,280.51 crore.

IT stocks fell on Friday after tech giant Accenture lowered its revenue forecast for the sector for the 2023-24 fiscal.

Hindustan Unilever’s market valuation fell by ₹16,834.82 crore to ₹5,30,126.53 crore and that of Life Insurance Corporation of India (LIC) declined by ₹11,701.24 crore to ₹5,73,266.17 crore.

The market capitalisation (mcap) of HDFC Bank dipped ₹6,996.87 crore to ₹10,96,154.91 crore.

However, the valuation of Reliance Industries Limited jumped ₹49,152.89 crore to reach ₹19,68,748.04 crore.

State Bank of India added ₹12,851.44 crore, taking its mcap to ₹6,66,133.03 crore.

The mcap of ITC climbed $11,108.51 crore to ₹5,34,768.59 crore and that of Bharti Airtel went up by ₹9,430.48 crore to ₹6,98,855.66 crore.

ICICI Bank’s mcap jumped ₹8,191.79 crore to ₹7,65,409.98 crore.

In the ranking of the most valued firms, Reliance Industries retained the number one title followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, ITC and Hindustan Unilever.

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