Five top firms lose Rs 1 lakh crore in market cap, TCS hit hardest

Five of India’s top-10 most valued companies collectively lost Rs 1 lakh crore in market capitalisation last week, with Tata Consultancy Services (TCS) suffering the steepest decline. TCS saw its valuation erode by Rs 34,263 crore to Rs 8.5 lakh crore, rediff.com and the Times of India report.

Other losers were Reliance Industries (down Rs 31,869 crore to Rs 17.7 lakh crore), State Bank of India (down Rs 25,892 crore to Rs 9.9 lakh crore), HDFC Bank (down Rs 7,165 crore) and ICICI Bank (down Rs 2,793 crore). The BSE Sensex fell 490 points (0.6%) and the Nifty dropped 205 points (0.8%). Ajit Mishra of Religare Broking attributed the decline to elevated crude oil prices, geopolitical uncertainty and mixed global cues.

Five other companies in the top-10 bucked the trend, adding Rs 55,149 crore collectively. LIC led the gainers with a rise of Rs 26,439 crore, followed by Bharti Airtel (up Rs 20,592 crore), Bajaj Finance, Larsen & Toubro and Hindustan Unilever. Reliance Industries remained the most valued domestic firm.