Top 10 Valued Companies Shed Rs 52,829 Crore In Market Cap, IT Stocks Plunge Most
Infosys Ltd. witnessed the highest loss among the top large caps with a fall of Rs 46,069 crore, bringing its market cap to Rs 7.54 lakh crore.
India's top 10 most-valued firms saw a decline in their market cap on Friday, posting a cumulative loss of Rs 52,829 crore as information-technology stocks dragged.
Infosys Ltd. witnessed the highest loss among the top large caps with a fall of Rs 46,069 crore, bringing its market cap to Rs 7.54 lakh crore. The share price settled 5.75% lower as its third quarter financial result failed to impress investors.
Tata Consultancy Services Ltd. saw a drop of Rs 29,668 crore in its market cap, which now stands at Rs 14.9 lakh crore. The scrip ended 1.95% down.
Top lenders also slumped in value. HDFC Bank Ltd. declined by Rs 11,739 crore, while ICICI Bank's market cap went down by Rs 16,904 crore, as its stock fell 1.92%. State Bank of India shed Rs 2,231 crore in market capitalisation.
Market cap of Hindustan Unilever Ltd. and ITC Ltd. jumped Rs 3,994 crore and Rs 8,508 crore respectively. Bharti Airtel Ltd.'s market cap fell Rs 3,361 crore to Rs 9.25 lakh crore.
RIL retained its position as the most-valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, SBI, HUL, ITC and HCLTech.
The Nifty and Sensex ended their three-day gaining streak, closing lower on Friday. During intraday trade, both indices declined over 0.90% before paring some losses.
The Nifty settled 0.47% or 108.60 points lower at 23,203.20, while the BSE Sensex closed 0.55% lower, shedding 423.49 points to end at 76,619.33. The broader indices showed mixed performance, with the Nifty Midcap 100 rising 0.23% and the Nifty Smallcap 250 edging down 0.04%.
Most sectoral indices posted gains, led by Nifty Oil and Gas, which was the best performer. Bharat Petroleum Corp. and Reliance Industries emerged as the top gainers on the Nifty, while Infosys and Axis Bank were the biggest laggards.
