HDFC Bank leads Rs 1 lakh crore wipeout as five top firms lose market value

HDFC Bank sinks most as Rs 1 lakh crore erosion hits five of India’s top firms

• Five top firms lost Rs 1 lakh crore in market value last week
• HDFC Bank saw the biggest drop, losing Rs 56,124.48 crore
• Reliance Industries' valuation rose by Rs 45,942.75 crore

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The combined market valuation of five of the top-10 most-valued firms eroded by Rs 1 lakh crore last week, with HDFC Bank taking the biggest hit.

Last week, the BSE benchmark Sensex dipped 30.96 points, or 0.04 per cent, and the NSE Nifty slipped 36.6 points, or 0.15 per cent.

"Markets ended the week on a largely flat note with a negative bias, reflecting underlying caution among participants. The tone remained positive during the first three sessions; however, a sharp decline on Thursday erased the gains, followed by a volatile final session," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

While HDFC Bank, ICICI Bank, Tata Consultancy Services (TCS), Bajaj Finance and Hindustan Unilever were the laggards, Reliance Industries, Bharti Airtel, State Bank of India, Infosys, and Life Insurance Corporation of India (LIC) emerged as the winners.

The combined market valuation of the five firms eroded by Rs 1,02,771.87 crore.

HDFC Bank's valuation tumbled Rs 56,124.48 crore to Rs 12,01,267.28 crore.

The market valuation of Hindustan Unilever dropped Rs 18,009.62 crore to Rs 4,89,631.32 crore.

Bajaj Finance lost Rs 15,338.42 crore to Rs 5,16,715.12 crore.

The market capitalisation (mcap) of TCS declined Rs 7,127.63 crore to Rs 8,64,940 crore and that of ICICI Bank edged lower by Rs 6,171.72 crore to Rs 8,91,673.06 crore.

However, the valuation Reliance Industries jumped Rs 45,942.75 crore to Rs 19,14,235.92 crore.

The mcap of Bharti Airtel surged Rs 24,462.03 crore to Rs 10,52,893.75 crore and that of State Bank of India climbed Rs 10,707.52 crore to Rs 9,76,968.57 crore.

The market valuation of LIC edged higher by Rs 2,624.88 crore to Rs 4,91,610.45 crore and Infosys added Rs 2,473.79 crore taking its mcap to Rs 5,08,789.37 crore.

Reliance Industries remained the most-valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Infosys, LIC and Hindustan Unilever Ltd.