The Indian stock markets tanked by more than a percent last week and the effects have been felt by the combined market valuation of at least seven of the 10 most-valued firms, which eroded by ₹1.35 lakh crore.
Tata Consultancy Services (TCS), which announced its decision to lay off 12,000 employees, took the biggest hit as its mcap tumbled ₹47,487.4 crore to ₹10,86,547.86 crore.
Others that faced a combined erosion of ₹1,35,349.93 crore from their market valuation last week included Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Life Insurance Corporation of India (LIC) and Bajaj Finance.
Also Read: Layoff notice leads to TCS mcap erosion of ₹28,149 crore
The firms that saw an increase in their market capitalisation (mcap) were Reliance Industries, HDFC Bank and Hindustan Unilever. Together, these three firms added ₹39,989.72 crore in market valuation.
Meanwhile, the mcap of Bharti Airtel eroded by ₹29,936.06 crore to ₹10,74,903.87 crore; that of Bajaj Finance tanked ₹22,806.44 crore to ₹5,44,962.09 crore; and of Infosys dropped by ₹18,694.23 crore to ₹6,10,927.33 crore.
The mcap of State Bank of India declined by ₹11,584.43 crore to ₹7,32,864.88 crore while ICICI Bank faced an erosion of ₹3,608 crore to ₹10,50,215.14 crore from its market valuation. LIC lost ₹1,233.37 crore to ₹5,59,509.30 crore.
However, Hindustan Unilever Ltd added ₹32,013.18 crore, taking its valuation to ₹5,99,462.97 crore.
The mcap of HDFC Bank jumped ₹5,946.67 crore to ₹15,44,025.62 crore and that of Reliance Industries Ltd climbed ₹2,029.87 crore to ₹18,85,885.39 crore.
Reliance Industries remained the most-valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, LIC and Bajaj Finance.
Last week, the BSE benchmark had tanked 863.18 points or 1.05 per cent.
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