Overall weakness in the equity market dragged down the combined market valuation of nine of the top-10 most valued Indian companies by a whopping Rs 78,511.56 crore last week.
Reliance Industries, was the only stock which defied the broader market trend and added to its market capitalisation; the rest nine companies saw erosion in m-cap for the week ended Friday (January 8).
The valuation of RIL climbed Rs 2,818.11 crore to Rs 3,31,711.42 crore, even as the benchmark BSE Sensex tumbled by 1,226.57 points or 4.68 per cent on a weekly basis amid concerns over the health of Chinese economy and geopolitical tensions between Saudi Arabia and Iran.
The market cap of TCS plunged by Rs 3,743.81 crore to Rs 4,72,360.84 crore.
ONGC’s valuation tumbled Rs 11,250.47 crore to Rs 1,96,134.61 crore and that of Sun Pharma plunged by Rs 5,475.03 crore to Rs 1,90,843.87 crore.
The m-cap of Infosys dropped by Rs 9,302.63 crore to Rs 2,44,084.82 crore and HDFC Bank lost Rs 6,767.23 crore to Rs 2,68,113.68 crore.
ITC’s valuation tanked by Rs 11,211.18 crore to Rs 2,51,829.69 crore and HDFC lost Rs 12,961.35 crore to Rs 1,85,532 crore.
Similarly, Coal India took a hit of Rs 8,116.53 crore to Rs 2,02,786.88 crore and HUL saw its m-cap tumble by Rs 9,683.33 crore to Rs 1,75,663.03 crore.
The ranking at the end of the week was: TCS, Reliance, HDFC Bank, ITC, Infosys, Coal India, ONGC, Sun Pharma, HDFC and HUL.