New Delhi: Overall weakness in the equity market dragged down the combined market valuation of nine of the top ten most valued Indian companies by a whopping Rs 78,511.56 crore for the week ended January 8.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
Reliance Industries was the only stock that defied the broader market trend and added to its market capitalization whereas the remaining nine companies saw erosion in M-Cap during the week.
The valuation of RIL climbed by Rs 2,818.11 crore to Rs 3,31,711.42 crore, even as the benchmark BSE Sensex tumbled by 1,226.57 points, or 4.68 per cent, on a weekly basis amid concerns over the health of Chinese economy and geopolitical tensions between Saudi Arabia and Iran.
The M-Cap of Tata Consultancy Services (TCS) plunged by Rs 3,743.81 crore to Rs 4,72,360.84 crore.
The market valuation of ONGC tumbled by Rs 11,250.47 crore to Rs 1,96,134.61 crore while that of Sun Pharma plunged by Rs 5,475.03 crore to Rs 1,90,843.87 crore.
The M-Cap of Infosys dropped by Rs 9,302.63 crore to Rs 2,44,084.82 crore.
HDFC Bank lost Rs 6,767.23 crore in market capitalization, taking its M-Cap to Rs 2,68,113.68 crore.
ITC's valuation tanked by Rs 11,211.18 crore to Rs 2,51,829.69 crore while that of HDFC went down by Rs 12,961.35 crore to Rs 1,85,532 crore.
Similarly, Coal India Ltd (CIL) took a hit of Rs 8,116.53 crore in its market value to Rs 2,02,786.88 crore while HUL saw its M-Cap tumble by Rs 9,683.33 crore to Rs 1,75,663.03 crore.