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.
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.