PSU stocks' m-cap drops 13 per cent

Out of 112 industries tracked by the Business Standard Research Bureau, barring three all sectors had reported a drop in market capitalisation today.

Stocks of public sector undertakings (PSUs), which include mainly refinery shares, were the worst hit as their market valuations fell by 13 per cent (Rs 43,695 crore).

The other major losers were sectors such as banking, information technology (IT), diversified companies, pharmaceutical, steel and fast moving consumer goods.

The market cap of refinery firms declined by 11.4 per cent (Rs 20,167 crore) "" from Rs 1,77,378 crore to Rs 1,57,212 crore. In case of banks, the market cap dropped by 14 per cent (Rs 16,284 crore) from Rs 1,16,591 crore to Rs 1,00,307 crore.

The IT sector was the third major loser (Rs 14,111 crore), followed by diversified firms (Rs 11,760 crore), pharmaceutical (Rs 6,934 crore), fast moving consumer goods (Rs 5,620 crore), power (Rs 5,472 crore), telecommunications (Rs 3,428 crore) and steel (Rs 3,307 crore).

In percentage terms, the power and electrical equipment sector had the highest 20 per cent drop each in market cap.