Market value of India's top 8 firms drops ₹2L crore
What's the story
The combined market capitalization of eight of the 10 most valuable Indian companies, took a massive hit last week.
The total loss stood at ₹2 lakh crore, with Reliance Industries taking the biggest hit.
The drop comes in line with a broader bearish trend in the stock market. Equity benchmark indices Sensex and Nifty also continued their downward spiral for the eighth consecutive day on Friday.
Major hit
Reliance Industries suffers biggest loss
Reliance Industries took the biggest hit with its market cap falling by ₹67,526.54 crore to ₹16,46,822.12 crore.
TCS also witnessed a major dip with its valuation falling by ₹34,950.72 crore to ₹14,22,903.37 crore.
HDFC Bank's market cap eroded by ₹28,382.23 crore to ₹12,96,708.35 crore, and ITC Limited witnessed a ₹25,429.75 crore drop in its valuation to ₹5,13,699.85 crore.
Valuation drop
Infosys, SBI also witness market cap erosion
Infosys's market cap fell by ₹19,287.32 crore to ₹7,70,786.76 crore and SBI's valuation fell by ₹13,431.55 crore to ₹6,44,357.57 crore last week.
HUL's market valuation fell by ₹10,714.14 crore to ₹5,44,647 crore and Bajaj Finance's market cap fell by ₹4,230.4 crore to ₹5,20,082.42 crore amid the ongoing bearish trend in the stock market.
Market gainers
Bharti Airtel, ICICI Bank buck the trend
Unlike the rest, Bharti Airtel and ICICI Bank were the gainers last week. Bharti Airtel's market cap increased by ₹22,426.2 crore to ₹9,78,631.54 crore, and ICICI Bank's by ₹1,182.57 crore to ₹8,88,815.13 crore.