Seven of the 10 most valued domestic companies suffered a combined erosion of ₹1 trillion in their market valuation last week with HDFC Bank taking the biggest hit by losing over ₹30,000 crore.
Besides HDFC Bank, the other losers included Reliance Industries (RIL), Hindustan Unilever (HUL), HDFC, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance.
On the other hand, Tata Consultancy Services (TCS), Infosys and ITC are among the top 10 firms that saw rise in their market valuation for the week ended Friday.
Market capitalisation (m-cap) of HDFC Bank dropped the most by ₹30,198.62 crore to ₹6,50,446.47 crore.
ICICI Bank’s market value slid by ₹22,866.93 crore to ₹2,67,265.32 crore and Kotak Mahindra Bank tumbled by ₹15,624.6 crore to ₹2,98,413.27 crore.
Similarly, market valuation of HUL tanked by ₹14,287.76 crore to ₹4,20,774.52 crore, while HDFC lost ₹10,178.84 crore from its m-cap, standing at ₹3,41,349.33 crore.
Besides, Bajaj Finance dropped by ₹9,437.91 crore to ₹2,26,309.37 crore and the valuation of RIL stood at ₹8,28,808.67 crore, a loss of ₹824.08 crore.
In contrast, valuation of TCS jumped ₹8,236.49 crore to ₹7,79,989.45 crore and that of Infosys rose ₹4,681.59 crore to ₹3,40,704.24 crore.
The m-cap of ITC advanced ₹5,344.62 crore to ₹3,16,069.96 crore.
In terms of ranking of top-10 firms, RIL retained its top position, followed by TCS, HDFC Bank, HUL, HDFC, Infosys, ITC, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance, which pipped State Bank of India to acquire the tenth position.
During the week, Sensex plummeted 1,149.26 points or 2.96%, while Nifty declined 337.65 points or 2.93%.