Eight of top-10 firms lose Rs 89,535 cr in market valuation; State Bank of India hit hard

New Delhi: Eight of the 10 most valued Indian companies suffered a combined erosion of Rs 89,535 crore in market valuation last week, with SBI emerging as the biggest drag. In the top-10 list, only Tata Consultancy Services (TCS) and HUL saw gains in their market capitalisation (m-cap) for the week ended on 2 August. Reliance Industries Ltd (RIL), HDFC Bank, HDFC, Infosys, ITC, Kotak Mahindra Bank, SBI and ICICI Bank closed the week with losses. The valuation of SBI tumbled Rs 30,388.3 crore to Rs 2,75,279.64 crore. RIL’s m-cap plummeted Rs 18,952.5 crore to Rs 7,50,674.86 crore and that of HDFC Bank plunged Rs 16,774.8 crore to Rs 6,05,627.15 crore. [caption id=“attachment_4198517” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] The market valuation of HDFC tanked Rs 7,660.34 crore to Rs 3,66,471.19 crore and that of ITC declined Rs 6,995.81 crore to Rs 3,24,753.23 crore. Infosys’ market cap eroded by Rs 5,111.1 crore to reach Rs 3,33,037.59 crore and that of ICICI Bank went lower by Rs 3,003.03 crore to Rs 2,65,122.36 crore. The valuation of Kotak Mahindra Bank fell by Rs 649.22 crore to Rs 2,87,873.18 crore. In contrast, the m-cap of TCS zoomed Rs 36,491.94 crore to Rs 8,27,794.83 crore and that of Hindustan Unilever Limited (HUL) jumped by Rs 1,493.71 crore to Rs 3,76,145 crore. In the ranking of top-10 firms, TCS was at the number one ranking, followed by RIL, HDFC Bank, HUL, HDFC, Infosys, ITC, Kotak Mahindra Bank, SBI and ICICI Bank. Last week, the Sensex lost 764.57 points or 2.01 percent. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.