In the midst of a bearish trend in stocks, IT giants Tata Consultancy Services (TCS) and Infosys emerged as the largest laggards, with the combined market valuation of six of the top ten valued companies declining by more than Rs 3 trillion last week.
Over the previous week, the BSE benchmark fell by 953.64 points, or 1.14 percent. While the value of State Bank of India, Bajaj Finance, Larsen & Toubro, and ICICI Bank increased, that of TCS, Infosys, HDFC Bank, Reliance Industries, Life Insurance Corporation of India (LIC), and Bharti Airtel decreased.
While Infosys’ market value decreased by Rs 70,780.23 crore to Rs 5,55,287.72 crore, TCS’s fell by Rs 90,198.92 crore to Rs 9,74,043.43 crore.
Reliance Industries’ market value fell by Rs 41,883 crore to Rs 19,21,475.79 crore, while HDFC Bank’s fell by Rs 54,627.71 crore to Rs 13,93,621.92 crore.
The market capitalization (mcap) of Bharti Airtel fell by Rs 19,244.61 crore to Rs 11,43,044.03 crore, while that of Life Insurance Corporation of India fell by Rs 23,971.74 crore to Rs 5,46,226.80 crore. State Bank of India’s (SBI) valuation, however, increased from Rs 1,22,213.38 crore to Rs 11,06,566.44 crore.
Larsen & Toubro’s value rose by Rs 14,483.9 crore to Rs 5,74,028.93 crore, while Bajaj Finance’s mcap increased by Rs 26,414.44 crore to Rs 6,37,244.64 crore. The market capitalization of ICICI Bank increased by Rs 5,719.95 crore to Rs 10,11,978.77 crore.
HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Infosys, and Life Insurance Corporation of India were the next most valuable companies, after Reliance Industries.
