10 Most-Valued Firms Lose Rs 17,500 Crore In Market Cap, Led By HDFC Bank
The NSE Nifty 50 ended 0.56% lower at 24,198.85 and the BSE Sensex closed 0.62% down at 80,182.20.
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The top 10 most-valued firms lost a cumulative Rs 17,572 crore in market valuation on Wednesday, with HDFC Bank Ltd. and ICICI Bank Ltd. emerging as the biggest losers.
HDFC Bank lost Rs 16,210 crore, taking its market capitalisation to Rs 13.8 lakh crore. ICICI Bank lost Rs 11,871 crore, with its market cap declining to Rs 9.27 lakh crore as the Nifty Bank extended its downward movement for the third consecutive day.
State Bank of India, Bharti Airtel Ltd. and Hindustan Unilever Ltd. lost Rs 8,701 crore, Rs 7,913 crore and Rs 305 crore respectively.
The market cap of Reliance Industries Ltd. rose Rs 12,246 crore to Rs 16.9 lakh crore, Tata Consultancy Services Ltd. gained Rs 9,823 crore to Rs 15.8 lakh crore and HCL Technologies Ltd. added Rs 2,238 crore to 5.31 lakh crore.
The market cap of ITC Ltd. rose Rs 2,126 crore to Rs 5.89 lakh crore, while Infosys Ltd. gained Rs 996 crore to Rs 8.21 lakh crore.
RIL remained the most-valued firm, followed by TCS, HDFC Bank, Airtel, ICICI Bank, Infosys, SBI, HUL, ITC and HCLTech.
The benchmark equity indices declined nearly 2% in the last three days as market participants look forward to the policy decisions from the US Federal Open Market Committee. Private bank stocks weighed on the Indian benchmarks the most in the last three sessions.
The NSE Nifty 50 ended 137.15 points or 0.56% lower at 24,198.85 and the BSE Sensex closed 502.25 points or 0.62% down at 80,182.20. During the session, the Nifty fell as much as 0.76% to 24,149.85 and the Sensex declined 0.79% to 80,050.07
The market breadth was skewed in favour of the sellers as 2,554 stocks fell, 1,449 rose and 96 remained unchanged on the BSE.
