Three Of Top-10 Companies Lose Rs 1 Lakh Crore In Market Cap; TCS Hit Hard
Three of the 10 most valued Indian companies together witnessed an erosion of Rs 1,07,026.12 crore in market capitalisation last week, with IT major Tata Consultancy Services Ltd. taking the biggest knock.
TCS, ITC Ltd. and Infosys Ltd. suffered a decline in their valuation for the week ended Friday, whereas Reliance Industries, HDFC Bank Ltd., Hindustan Unilever Ltd., HDFC, SBI, Kotak Mahindra Bank Ltd. and Maruti Suzuki India Ltd. finished with gains.
The cumulative erosion suffered by the three companies was higher than the combined gain of Rs 97,498.38 crore made by the rest of the seven firms.
The valuation of TCS nosedived by Rs 85,330.17 crore to Rs 7,19,857.48 crore.
Shares of TCS on Friday ended over 3 percent lower even as the company reported a 22.6 percent jump in consolidated net profit for the July-September quarter.
The market capitalisation of Infosys slumped Rs 18,696.68 crore to Rs 2,96,635.05 crore and that of ITC fell by Rs 2,999.27 crore to Rs 3,36,285.40 crore.
From the gainers side, Reliance Industries Ltd. emerged as the biggest winner as its market cap soared by Rs 48,524.59 crore to Rs 7,13,965.75 crore.
Kotak Mahindra Bank's valuation jumped Rs 22,130.78 crore to Rs 2,23,005.06 crore and that of Maruti surged Rs 11,782.63 crore to Rs 2,20,006.42 crore.
The market cap of State Bank of India zoomed Rs 4,953.14 crore to Rs 2,35,029.01 crore and that of HDFC Bank Ltd. rose by Rs 4,388.24 crore to Rs 5,37,729.17 crore.
HDFC Ltd. added Rs 3,727.52 crore to reach Rs 2,94,247.71 crore in market valuation and HUL gained Rs 1,991.48 crore to Rs 3,39,557.66 crore.
Over the last week, the Sensex climbed 366.59 points to close at 34,733.58 on Friday.