Top 10 Most-Valued Firms Lose Rs 63,450 Crore In Market Cap Dragged By TCS, Infosys
Reliance Industries Ltd., Bharti Airtel Ltd., ITC Ltd., and Hindustan Unilever Ltd. were also among the losers in Wednesday’s session.
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The top 10 most-valued firms lost a cumulative of Rs 63,450 crore in market valuation on Wednesday, with Tata Consultancy Services Ltd. and Infosys Ltd. emerging as the biggest losers.
Reliance Industries Ltd., Bharti Airtel Ltd., ITC Ltd., and Hindustan Unilever Ltd. were also among the losers in Wednesday’s session. TCS lost Rs 57,075 crore in market capitalisation which stood at Rs 15.73 lakh crore and Infosys lost Rs 24,994 crore with its market cap down to Rs 7.85 lakh crore.
The benchmark equity indices snapped two sessions of gains and ended lower on Wednesday amid caution, as markets await the much-anticipated interest rate cut in the US by the Federal Reserve. This comes after the Fed has kept the rate unchanged for eight consecutive meetings.
This will be the first rate cut since 2020. India VIX, an indicator of volatility, closed 6.2% higher at 13.37. Shares of information technology stocks dragged the indices, while finance stocks limited the downside.
The NSE Nifty 50 ended 41 points, or 0.16% lower at 25,377.55, and the S&P BSE Sensex ended down 131.43 points, or 0.16% at 82,948.23. Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38, respectively.
Market capitalisation of Reliance Industries Ltd. lost Rs 1,248 crore to Rs 6.32 lakh crore. Bharti Airtel Ltd. also lost nearly Rs 6,629 crore, taking its market cap to Rs 9.39 lakh crore.
RIL remained the most valued firm, followed by TCS, HDFC Bank Ltd., Airtel, ICICI Bank Ltd., Infosys, State Bank of India, Hindustan Unilever Ltd., ITC and Larsen & Toubro.
