Market capitalisation of 5 of top 10 firms tanks ₹2.23 lakh crore; Reliance, LIC biggest laggards
₹2,23,660 crore in their market valuation over the past week, as Reliance Industries and Life Insurance Corporation of India bore the brunt amidst a prevailing bearish sentiment in equities. During the same period, the BSE benchmark witnessed a significant decline of 1,475.96 points or 1.99%. Among the firms affected by erosion in market capitalization were Reliance Industries, ICICI Bank, State Bank of India, Life Insurance Corporation of India (LIC), and Hindustan Unilever.
Conversely, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, Infosys, and ITC experienced gains. Also read: Week Ahead: US Fed Policy, FPI inflows, crude oil prices, global cues among key market triggers this week Reliance Industries saw the most substantial decrease, with its market capitalization plummeting by ₹81,763.35 crore to ₹19,19,595.15 crore. LIC's market valuation tumbled by ₹63,629.48 crore to ₹5,84,967.41 crore, while State Bank of India witnessed a decline of ₹50,111.7 crore to ₹6,53,281.59 crore.
Similarly, Hindustan Unilever's market capitalization dropped by ₹21,792.46 crore to ₹5,46,961.35 crore, and ICICI Bank's fell by ₹6,363.11 crore to ₹7,57,218.19 crore. Conversely, TCS observed a notable increase, with its market valuation soaring by ₹38,858.26 crore to ₹15,25,928.41 crore. Bharti Airtel added ₹11,976.74 crore to its market capitalization, reaching ₹6,89,425.18 crore.
Also read: Lok Sabha Elections 2024: Indian bourses likely to remain shut on Polling Day in Mumbai ITC's valuation climbed by ₹7,738.51 crore to ₹5,23,660.08 crore, and Infosys saw an uptick of ₹7,450.22 crore to ₹6,78,571.56 crore. Additionally, HDFC Bank's market capitalization surged by ₹4,443.9 crore to ₹11,03,151.78 crore. Reliance Industries
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