Eight of the top-10 most valuable firms lost Rs 2,21,555.61 crore from their market valuations last week, in line with a weak trend in the broader market, with Infosys and HDFC Bank being the worst hit. The 30-share benchmark index Sensex lost 1,141.78 points or 1.95 per cent last week.
Out of the top-10 pack, only Reliance Industries and Adani Green Energy emerged as gainers. The market capitalization of Infosys declined by Rs 68,548.8 crore to Rs 6,67,062.55 crore.
The market capitalization (mcap) of HDFC Bank declined by Rs 60,536.97 crore to Rs 7,51,801.60 crore. The valuation of Bharti Airtel declined by Rs 30,127.49 crore to Rs 4,05,723.51 crore and that of Tata Consultancy Services declined by Rs 18,094.01 crore to Rs 13,21,594.47 crore.
The valuation of State Bank of India declined by Rs 15,261.09 crore to Rs 4,46,587.56 crore and that of Bajaj Finance declined by Rs 13,264.96 crore to Rs 4,30,420.83 crore. The m-cap of ICICI Bank declined by Rs 10,376.97 crore to Rs 5,19,362.62 crore and that of Hindustan Unilever Ltd by Rs 5,345.32 crore to Rs 5,00,392.45 crore.
In contrast, the market valuation of Reliance Industries rose by Rs 1,39,357.52 crore to Rs 18,66,071.57 crore. The market capitalization of Adani Green rose by Rs 3,698.89 crore to Rs 4,51,749.88 crore.
Meanwhile, housing finance company HDFC has slipped out of the 10 most valuable companies in the country in terms of market capitalization after a significant fall in its share price. The company’s shares fell 7.19 per cent during the week ended April 22.
On 4 April, HDFC announced that it would merge operations with HDFC Bank. Once the deal goes into effect, HDFC Bank will be wholly owned by public shareholders, and existing shareholders of HDFC will hold 41 per cent of the bank. HDFC shares have fallen nearly 18 per cent since the announcement of the merger.
In the ranking of top-10 firms, Reliance Industries was leading the chart, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, Adani Green Energy, State Bank of India, Bajaj Finance and Bharti Airtel.
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