Market valuation of top firms drops by Rs 1.73 lakh crore in weak equities

Market valuation of top firms drops: Last week saw the combined market valuation of six of India's top-10 most valued firms shrink by Rs 1,73,097.59 crore, reflecting the broader weakness in the equities market. The Bombay Stock Exchange (BSE) benchmark index tumbled 1,213.68 points, or 1.64 per cent during the week.

HDFC Bank and Life Insurance Corporation of India (LIC) were among the hardest hit. HDFC Bank's market valuation plummeted by Rs 60,678.26 crore to Rs 10,93,026.58 crore, while LIC saw its valuation tank by Rs 43,168.1 crore to Rs 5,76,049.17 crore.

Reliance Industries also faced a significant erosion, with its market valuation declining by Rs 36,094.96 crore to Rs 19,04,643.44 crore. ICICI Bank and State Bank of India (SBI) witnessed declines of Rs 17,567.94 crore and Rs 11,780.49 crore, respectively, in their market capitalization.

On the other hand, Hindustan Unilever bucked the trend, with its valuation climbing by Rs 33,270.22 crore to Rs 5,53,822.16 crore. Tata Consultancy Services (TCS) added Rs 20,442.2 crore to its valuation, reaching Rs 14,09,552.63 crore.

Bharti Airtel and Infosys also saw gains in their market capitalization, with Bharti Airtel's valuation rallying by Rs 14,653.98 crore to Rs 7,38,424.68 crore and Infosys' valuation going up by Rs 3,611.26 crore to Rs 5,91,560.88 crore.

Despite the declines, Reliance Industries retained its position as the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, Infosys, LIC, Hindustan Unilever, and ITC.

The fluctuations in market valuation underscore the volatility in the equities market and the impact of broader economic factors on the valuation of top firms.

(With PTI inputs)