Top 7 Out Of 10 Indian Firms Witness Dip In MCap, ITC, HDFC Bank Report Biggest Falls

The combined market valuation of the top seven companies in the market fell by Rs 77,434.98 crore, keeping in line with a muted trend in equities

Indian equities market witnessed a major downfall in the market capitalisation (Mcap) of its biggest firms. Out of the top ten big players in the equities market, seven saw their Mcap lose a big chunk of the pie in the last week. 

According to a PTI report, ITC and HDFC Bank took the biggest hit in their valuations. The combined market valuation of the top seven companies in the market fell by Rs 77,434.98 crore, keeping in line with a muted trend in equities. 

The BSE benchmark also fell by 0.78 per cent or 524.06 points in the previous week. In the top ten list, Infosys, State Bank of India, and Bharti Airtel managed to make gains in their valuations, making them the three exceptions to the general trend followed by the rest. 

Along with ITC and HDFC Bank, Reliance Industries, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, and Bajaj Finance Limited registered major drops in their Mcap. 

While ITC’s valuation fell to Rs 5,83,732.19 crore by a margin of Rs 26,192.05 crore, HDFC Bank fell to Rs 12,40,322.63 crore with a margin of Rs 22,747.89 crore. Reliance Industries plunged by Rs 5,818.43 crore to a Mcap of Rs 17,10,076.74 crore and Bajaj Finance reported a Mcap of Rs 4,47,298.52 crore, down by Rs 12,127.47 crore, the report said. 

TCS witnessed a fall of Rs 5,214.15 crore and registered a valuation of Rs 12,27,739.80 crore. ICICI Bank’s valuation dropped to Rs 6,96,495.74 crore, down by Rs 917.76 crore. Hindustan Unilever saw a decline in its valuation by Rs 4,417.23 crore and logged a Mcap of Rs 6,07,369.34 crore. 

The exceptions to the trend saw Bharti Airtel reporting the biggest jump of Rs 5,643.3 crore to a Mcap of Rs 5,00,369.30 crore, followed by Infosys which climbed Rs 4,129.44 crore to Rs 5,56,271.03 crore and finally, State Bank of India which reported a gain of Rs 981.71 crore to its Mcap of Rs 5,49,800.72 crore. 

Reliance Industries managed to remain at the top as the most valuable firm in the top 10. Market Capitalisation is used to determine how much a company is valued as determined by the stock market.