The market capitalisation of the top-10 most valued companies eroded by over ₹2.29 lakh crore last week, with Life Insurance Corporation (LIC) taking the biggest hit.
In the ranking of top-10 firms, Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.
On a weekly basis, the domestic equity benchmarks witnessed heavy selling. The Sensex tumbled 1,465.79 points or 2.63 per cent, while the Nifty lost 382.50 points or 2.31 per cent as investors rushed to safer assets because elevated crude oil prices triggered inflation fears.
Corporate major Reliance Industries' m-cap fell by ₹44,311.19 crore to ₹18,36,039.28 crore. TCS and Infosys lost ₹45,746.13 crore from their cumulative market cap. The valuation of TCS stood at ₹12,31,398.85 crore, while that of Infosys was ₹6,21,502.63 crore.
HDFC Bank, ICICI Bank and SBI saw a cumulative erosion of ₹34,970.26 crore in their market capitalisation. HDFC Bank's valuation dipped by ₹16,433.92 crore to ₹7,49,880.79 crore.
The m-cap of State Bank of India (SBI) plunged by ₹2,231.15 crore to ₹4,12,138.56 crore, and that of ICICI Bank slumped by ₹16,305.19 crore to ₹5,00,744.27 crore. The valuation of Hindustan Unilever Ltd (HUL) tanked by ₹21,674.98 crore to ₹5,16,886.58 crore, while Life Insurance Corporation (LIC) declined by ₹57,272.85 crore to ₹4,48,885.09 crore. HDFC's valuation slipped by ₹17,879.22 crore to ₹3,95,420.14 crore.
Telecom major Bharti Airtel also witnessed a dip of ₹7,359.31 crore from its market valuation, which stood at ₹3,69,613.44 crore.