TCS, Infosys biggest laggards
New Delhi: The combined market valuation of six of the top 10 valued firms eroded by Rs 1,40,478.38 crore in a holiday-shortened week, with IT majors Tata Consultancy Services (TCS) and Infosys taking the maximum hit.
Last week, the BSE benchmark declined 1,156.57 points or 1.55 per cent. Stock markets were closed on Wednesday on account of Ram Navami.
While Reliance Industries, HDFC Bank, Bharti Airtel and Life Insurance Corporation of India (LIC) were the gainers from the top-10 pack, TCS, ICICI Bank, State Bank of India, Infosys, ITC and Hindustan Unilever suffered erosion in their valuation.
The market valuation of TCS tanked by Rs 62,538.64 crore to Rs 13,84,804.91 crore, the most among the top 10 firms.
Infosys faced an erosion of Rs 30,488.12 crore from its valuation which stood at Rs 5,85,936.45 crore.
Shares of Infosys on Friday ended nearly 1 per cent lower after the company’s revenue growth guidance for FY25 failed to meet market expectations.
The market capitalisation (mcap) of ICICI Bank diminished by Rs 26,423.74 crore to Rs 7,49,023.89 crore and that of State Bank of India declined by Rs 14,234.76 crore to Rs 6,70,059.86 crore.
The valuation of ITC slumped Rs 6,616.9 crore to Rs 5,30,350.97 crore and that of Hindustan Unilever went lower by Rs 176.22 crore to Rs 5,24,487.51 crore.
However, Bharti Airtel’s mcap zoomed Rs 37,797.09 crore to Rs 7,30,658.36 crore and that of HDFC Bank climbed Rs 9,420.17 crore to Rs 11,63,314.93 crore.
Reliance Industries added Rs 4,397.82 crore taking its valuation to Rs 19,90,195.52 crore and the mcap of LIC advanced Rs 1,201.75 crore to Rs 6,15,453.90 crore.
In the ranking of top-10 firms, Reliance Industries remained the most valued company followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, LIC, Infosys, ITC and Hindustan Unilever.
