New Delhi (PTI): The combined market valuation of nine of the top-10 most valued firms eroded by Rs 2.74 lakh crore last week, in tandem with a bearish trend in equities, with HDFC Bank taking the biggest hit.
Last week, the BSE benchmark Sensex tanked 2,091.68 points, or 2.67 per cent, and the NSE Nifty declined 566.85 points, or 2.32 per cent.
"Markets witnessed a weak and volatile week, with benchmark indices extending their losing streak as a sharp surge in crude oil prices and renewed geopolitical tensions weighed heavily on investor sentiment," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Banking stocks emerged as the biggest drag following mixed Q1 FY27 earnings, while a risk-off environment and weakness in the rupee further curtailed buying interest, he added.
From the top-10 pack, Hindustan Unilever emerged as the only winner.
Those who faced erosion from their valuation were Reliance Industries, Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, Tata Consultancy Services (TCS), Bajaj Finance, Life Insurance Corporation of India (LIC) and Larsen & Toubro.
The market valuation of HDFC Bank tumbled Rs 1,18,383.91 crore to reach Rs 11,43,985.90 crore. Last week, shares of HDFC Bank declined by 9.40 per cent amid concerns on the margin front.
Reliance Industries' valuation eroded by Rs 65,429.82 crore to Rs 17,29,661.44 crore.
The valuation of State Bank of India tanked Rs 26,814.94 crore to Rs 9,36,953.84 crore and that of Bajaj Finance dropped by Rs 26,802.74 crore to Rs 6,30,471.54 crore.
The market capitalisation (mcap) of LIC declined by Rs 15,116.74 crore to Rs 5,33,007.56 crore and that of ICICI Bank diminished by Rs 6,223.84 crore to Rs 10,28,217.93 crore.
Bharti Airtel's valuation edged lower by Rs 6,021.64 crore to Rs 11,85,046.13 crore and that of TCS dipped Rs 5,191.95 crore to Rs 8,15,480.75 crore.
The mcap of Larsen & Toubro faced an erosion of Rs 4,092.79 crore to Rs 5,20,747.89 crore.
However, the mcap of Hindustan Unilever climbed Rs 152.73 crore to Rs 5,03,928.59 crore.
Reliance Industries remained the most valued firm, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, LIC, Larsen & Toubro and Hindustan Unilever.
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.