A Reliance Industries Ltd. sign is lit at night at a gas station in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg News)

Nine Of Top 10 Firms Lose Rs 1.60 Lakh Crore In Market Cap

Nine of the 10 most valued Indian companies suffered a combined erosion of Rs 1.6 lakh crore in market valuation last week, with Reliance Industries Ltd. taking the biggest knock.

Tata Consultancy Services Ltd. was the only gainer among the 10 front-line companies, while the remaining nine saw their market capitalisation plummet for the week ended Friday.

Reliance Industries’ valuation plunged Rs 99,212.9 crore to Rs 7,92,680.96 crore. It also lost its status as the country’s most-valued firm to TCS on Thursday.

HDFC Bank Ltd.’s market cap eroded by Rs 19,634 crore to Rs 6,25,874.51 crore and that of HDFC Ltd. dropped Rs 13,573.5 crore to Rs 3,32,435.38 crore.

The market cap of ICICI Bank dropped Rs 10,974.8 crore to Rs 2,48,112.25 crore and of ITC Ltd. tumbled Rs 7,232.6 crore to Rs 3,64,939.46 crore.

The valuation of Kotak Mahindra Bank Ltd. diminished by Rs 4,409.41 crore to Rs 2,66,292.11 crore and that of Infosys Ltd. declined by Rs 3,364.07 crore to Rs 3,12,837.34 crore.

Hindustan Unilever Ltd.’s market cap fell by Rs 1,233.88 crore to Rs 3,65,207.28 crore and of State Bank of India declined Rs 981.71 crore to Rs 2,74,922.66 crore.

In contrast, TCS added Rs 1,144.48 crore to its valuation to reach Rs 8,01,340.52 crore.

In the order of top 10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank.

Markets buckled under selling pressure for the eighth straight session on Friday—marking their longest losing streak since mid-February — as investors remained on the sidelines amid the U.S.-China trade tensions and lacklustre corporate earnings.

Over the last week, the Sensex lost a hefty 1,500.27 points, or 3.85 percent, to close at 37,462.99 on Friday.