Eight of top 10 firms lose Rs 1.17 lakh crore in market valuation; Infosys biggest laggard

NEW DELHI: Eight of the 10 most valued firms faced a combined erosion of Rs 1,17,493.78 crore in market valuation in an overall weak trend in equities last week, with Infosys taking the biggest hit.
Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and ICICI Bank were among the eight companies that suffered a decline in their valuation. ITC and State Bank of India were the only gainers.
Last week, the 30-share BSE Sensex fell by 775.94 points or 1.28 per cent.
The market valuation of Infosys plummeted by Rs 66,854.05 crore to Rs 5,09,215 crore. Infosys Ltd on April 13 reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24 amid tightening of IT budgets by clients following turmoil in the US banking sector.
HDFC Bank’s valuation tumbled Rs 10,880.5 crore to Rs 9,33,937.35 crore.
ICICI Bank lost Rs 10,462.77 crore from its valuation which stood at Rs 6,17,477.46 crore and the market capitalisation (mcap) of TCS tanked Rs 10,318.52 crore to Rs 11,56,863.98 crore.
The mcap of Hindustan Unilever declined by Rs 8,458.53 crore to Rs 5,86,927.90 crore and that of HDFC fell by Rs 5,172.27 crore to Rs 5,06,264.24 crore.
The market valuation of Reliance Industries went lower by Rs 4,566.52 crore to Rs 15,89,169.49 crore and that of Bharti Airtel dipped Rs 780.62 crore to Rs 4,26,635.46 crore.
However, ITC’s valuation jumped Rs 15,907.86 crore to Rs 5,07,373.82 crore and that of State Bank of India climbed Rs 8,746.11 crore to Rs 4,84,561.80 crore.
Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, HDFC, State Bank of India and Bharti Airtel.