India's Top 10 Most Valued Firms Lose Rs 28,661 Crore Market Cap Led By RIL, ITC
While Reliance Industries led the fall, HCL Tech over took L&T in terms of market cap and became the 10th most valued firm.
Reliance Industries Ltd. (Source: Company website)
The country's top 10 most valued firms together lost Rs 28,660.63 crore in market valuation on Wednesday, with Mumbai-based Reliance Industries Ltd. and ITC Ltd. emerging as the biggest losers. State Bank of India Ltd. and Bharti Airtel Ltd. were among the other gainers for the day.
Benchmark equity indices fell back into negative territory after a brief rally, erasing morning gains in the last hour of trade to close near their lowest levels on Wednesday. During the day, the indices had climbed by as much as 1.2% following the RBI's monetary policy meeting. However, the Nifty closed down 0.12%, or 31.20 points, at 24,981.95, while the Sensex decreased by 0.21%, or 167.7 points, to finish at 81,467.10.
Reliance Industries lost Rs 31,596.37 crore, taking its market capitalisation to Rs 18.59 lakh crore, and ITC lost Rs 19,324.24 crore, with its market capitalisation falling to Rs 6.15 lakh crore. HDFC Bank Ltd. and Hindustan Unilever Ltd. were also among the losers.
On the other hand, the valuation of SBI rose by Rs 12,806.82 crore to Rs 7.10 lakh crore. Airtel added Rs 11,756.36 crore in market capitalisation to Rs 9.55 lakh crore. ICICI Bank Ltd., HCL Technologies Ltd. and Infosys Ltd. also reported gains in market valuation on Wednesday.
Reliance Industries remained the most valued firm followed by Tata Consultancy Services Ltd., HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, SBI, HUL, ITC and HCL Tech. HCL Tech on Wednesday overtook Larsen and Toubro Ltd. in terms of market cap to become the 10th most valued firm. While HCL Tech's market cap stood at Rs 4.91 lakh crore the L&T was at Rs 4.79 lakh crore.
