 "Labourers rest in front of an advertisement of Reliance Industries Limited in Mumbai. Photo: Reuters")
Eight of the 10 most valued Indian companies saw a combined erosion of Rs 82,653.59 crore in market valuation last week, with Reliance Industries Ltd (RIL) taking the steepest hit.
Except for Oil and Natural Gas Corporation (ONGC) and Infosys, the rest eight companies, including Tata Consultancy Services (TCS), HDFC Bank, ITC and HDFC, suffered losses in their market capitalisation (m-cap) for the week ended Friday.
RIL's market valuation plummeted Rs 22,385.57 crore to Rs 4,95,300.50 crore.
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The m-cap of Hindustan Unilever Ltd (HUL) tumbled Rs 13,939.14 crore to Rs 2,54,358.70 crore and that of TCS slid Rs 12,509.87 crore to Rs 4,66,511.89 crore.
ITC's valuation slumped Rs 12,094.05 crore to Rs 3,14,642.67 crore and that of State Bank of India (SBI) tanked Rs 7,035.12 crore to Rs 2,19,038.28 crore.
The market cap of Housing Development Finance Corporation (HDFC) was down by Rs 6,546.22 crore at Rs 2,77,658.14 crore and that of HDFC Bank declined by Rs 5,080.53 crore to Rs 4,65,907.51 crore.
Maruti Suzuki India also suffered a loss of Rs 3,063.09 crore at Rs 2,40,852.96 crore.
In contrast, ONGC's valuation surged Rs 7,956.61 crore to Rs 2,18,999.16 crore and that of Infosys rose by Rs 162.28 crore to Rs 2,06,441.84 crore.
In the m-cap ranking of top-10 firms, RIL stood at number one spot, followed by TCS, HDFC Bank, ITC, HDFC, HUL, Maruti, SBI, ONGC and Infosys.
Both the Sensex and the Nifty suffered weekly losses for the third time this month, down 638.72 points, or 2 per cent, and 175.80 points, or 1.76 per cent, respectively.
