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Markets faced severe headwinds last week as tensions escalated in the Middle East and foreign fund outflows | (Photo: Shutterstock)
Nine of the 10 most valuable companies together lost a whopping Rs 4,74,906.18 crore in market valuation last week, with Reliance Industries and HDFC Bank being the worst hit, in line with weak trends in stocks.
Markets faced significant headwinds last week due to worsening tensions in the Middle East and foreign fund outflows. During a holiday-shortened week, the benchmark BSE index fell 3,883.4 points, or 4.53 percent.
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The valuation of Reliance Industries declined by Rs 1,88,479.36 crore to Rs 18,76,718.24 crore.
The market valuation of HDFC Bank fell from Rs 72,919.58 crore to Rs 12,64,267.35 crore.
Bharti Airtel’s valuation plunged by Rs 53,800.31 crore to Rs 9,34,104.32 crore and that of ICICI Bank fell by Rs 47,461.13 crore to Rs 8,73,059.59 crore.
The valuation of Life Insurance Corporation of India (LIC) fell by Rs 33,490.86 crore to Rs 6,14,125.65 crore and that of Hindustan Unilever fell by Rs 27,525.46 crore to Rs 6,69,363.31 crore.
The market capitalization (mcap) of ITC fell by Rs 24,139.66 crore to Rs 6,29,695.06 crore and that of Tata Consultancy Services (TCS) eroded by Rs 21,690.43 crore to Rs 15,37 361.57 crore.
The valuation of State Bank of India declined by Rs 5,399.39 crore to Rs 7,10,934.59 crore.
However, Infosys’ mcap jumped by Rs 4,629.64 crore to Rs 7,96,527.08 crore.
Reliance Industries retained the title of most valuable company, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and LIC.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 6, 2024 | 10:06 a.m. STI