Eight of top 10 firms lose Rs 1.03 lakh crore in market valuation; RIL, ICICI hit hard

Team Udayavani, Mar 12, 2023, 12:23 PM IST

Eight of the top 10 valued firms faced a combined erosion of Rs 1,03,732.39 crore in market valuation last week, with Reliance Industries and ICICI Bank taking the biggest hit amid an overall weak trend in equities.

During the holiday-shortened week, the 30-share BSE Sensex declined 673.84 points or 1.12 per cent amid concerns over the quantum of the next interest rate hike by the US Federal Reserve.

Barring Bharti Airtel and ITC, eight firms suffered erosion from their market capitalisation (mcap).

The market valuation of Reliance Industries plummeted by Rs 41,878.37 crore to Rs 15,71,724.26 crore, the most among the top 10 firms.

The mcap of ICICI Bank tumbled Rs 18,134.73 crore to Rs 5,88,379.98 crore. The valuation of HDFC Bank tanked by Rs 15,007.38 crore to Rs 8,86,300.20 crore, and that of State Bank of India eroded by Rs 12,360.59 crore to Rs 4,88,399.39 crore.

HDFC’s market valuation diminished by Rs 6,893.18 crore to Rs 4,77,524.24 crore.

Tata Consultancy Services’ (TCS) valuation slumped by Rs 4,281.09 crore to Rs 12,18,848.31 crore.

Infosys’s valuation declined by Rs 3,555.83 crore to Rs 6,19,155.97 crore, and that of Hindustan Unilever fell by Rs 1,621.22 crore to Rs 5,78,739.57 crore.

However, Bharti Airtel added Rs 5,071.99 crore, taking its valuation to Rs 4,31,230.51 crore.

The mcap of ITC surged Rs 4,036.2 crore to Rs 4,81,922.33 crore.

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