Mcap of 8 of top-10 most valued firms plunges by ₹3 lakh crore; TCS biggest laggard | Stock Market News
Source: Live Mint
The combined market capitalization of eight out of the top 10 most valuable companies declined by ₹3,09,244.57 crore in a holiday-shortened week, with Tata Consultancy Services (TCS) experiencing the steepest drop amid a broader bearish trend in the stock market.
During the past week, the BSE Sensex plummeted by 2,112.96 points (2.80%), while the NSE Nifty fell by 671.2 points (2.94%). In February alone, the Nifty declined by 1,383.7 points (5.88%), and the Sensex shed 4,302.47 points (5.55%).
TCS’s market valuation plunged by ₹1,09,211.97 crore to ₹12,60,505.51 crore, making it the worst hit among the top 10 firms. Due to this sharp decline, TCS slipped to the third spot in market value rankings, with HDFC Bank surpassing it to become the second most valuable company.
Infosys saw its valuation drop by ₹52,697.93 crore to ₹7,01,002.22 crore. Bharti Airtel’s market capitalization fell by ₹39,230.1 crore to ₹8,94,993.67 crore, while Reliance Industries’ valuation declined by ₹38,025.97 crore to ₹16,23,343.45 crore.
State Bank of India lost ₹29,718.99 crore in market capitalization, bringing it down to ₹6,14,236.97 crore. ICICI Bank’s valuation shrank by ₹20,775.78 crore to ₹8,49,803.90 crore. Hindustan Unilever saw its market cap drop by ₹11,700.97 crore to ₹5,14,983.41 crore, and ITC’s valuation dipped by ₹7,882.86 crore to ₹4,93,867.57 crore.
In contrast, HDFC Bank’s market capitalization increased by ₹30,258.49 crore to ₹13,24,411.31 crore, while Bajaj Finance gained ₹9,050.24 crore, taking its valuation to ₹5,29,516.99 crore.
Reliance Industries remained the most valuable company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Bajaj Finance, Hindustan Unilever, and ITC.
