SBI, Six Other Companies Lose Rs 44,928 Crore In Market Value
New Delhi: Seven of the 10 most valued companies took a combined hit of Rs 44,928 crore in their market valuation in the week from December 19 to December 23, with State Bank of India (SBI) reporting maximum losses, even as the benchmark Sensex lost 1.69 per cent.
SBI, Oil and Natural Gas Corporation (ONGC), HDFC, Hindustan Unilever Limited (HUL), Infosys, Coal India Limited (CIL) and ITC witnessed a decline in their market capitalisation totalling Rs 44,927.73 crore, while Tata Consultancy Services (TCS), HDFC Bank and Reliance Industries Ltd (RIL) raked up gains aggregating Rs 3,257.36 crore during the week.
The market capitalisation of SBI fell by Rs 12,032.91 crore to Rs 1,93,487.22 crore, while that of ONGC plummeted by Rs 11,288.79 crore to Rs 2,47,557.66 crore.
HDFC's market valuation tanked by Rs 7,155.85 crore to Rs 1,94,181.92 crore.
The market capitalisation or M-Cap of HUL plunged by Rs 5,704.93 crore to Rs 1,71,183.31 crore, while that of Infosys went down by Rs 3,421.97 crore to Rs 2,27,236.74 crore.
CIL saw an erosion of Rs 3,202.04 crore in its M-Cap, following which it stood at Rs 1,78,835.46 crore.
The M-Cap of ITC dipped by Rs 2,121.24 crore to Rs 2,72,443.77 crore.
"Since the market started on a weak note as the investor was mostly cautious before the BoJ (Bank of Japan) policy rate decision, no strength was visible at any point of the week," said Rohit Gadia, founder and CEO of CapitalVia Global Research.
Defying the broader market trend, TCS added Rs 1,671.39 crore to its market capitalisation to soar to Rs 4,51,267.41 crore, while HDFC Bank saw its market worth rising by Rs 1,391.08 crore to Rs 3,02,900.38 crore.
The M-Cap of RIL improved by Rs 194.89 crore to Rs 3,43,220.75 crore.
In terms of ranking of the top 10 firms, TCS retained its top position, followed by HDFC Bank, RIL, ITC, CIL, Infosys, HUL, HDFC, ONGC and SBI.
For the week, the Sensex lost 448.86 points, or 1.69 per cent, while the broader NSE Nifty dropped 153.70 points, or 1.88 per cent. This was the indices' biggest drop in five weeks since November 18.
