Top 7 companies witness Rs 48,763 crore market cap erosion; TCS hit hardest

Mumbai(PTI): The combined market valuation of seven of the top-10 most valued Sensex firms declined by Rs 48,762.5 crore last week, with IT bellwether TCS taking the steepest hit.

While TCS, HDFC Bank, CIL, Sun Pharma, ONGC, HDFC and HUL suffered losses in their market capitalisation (m-cap), RIL, Infosys and ITC emerged as gainers.

Software major TCS, which reported a lower-than-expected 14.2% growth in net profit for the October-December quarter on Tuesday (January 12), witnessed an erosion of Rs 26,354.48 crore from its m-cap, which stood at Rs 4,46,006.36 crore.

The market valuation of ONGC plunged by Rs 8,298.82 crore to Rs 1,87,835.79 crore and that of HDFC Bank dipped by Rs 4,785.04 crore to Rs 2,63,328.64 crore.

Mortgage lender HDFC’s m-cap slumped by Rs 4,159.95 crore to Rs 1,81,372.05 crore while that of CIL dropped by Rs 1,800.16 crore to Rs 2,00,986.72 crore.

Similarly, the valuation of Sun Pharma went down by Rs 1,708.69 crore to Rs 1,89,135.18 crore and that of HUL fell by Rs 1,655.36 crore to Rs 1,74,007.67 crore.

In stark contrast, the m-cap of Infosys surged by Rs 17,812.81 crore to Rs 2,61,897.63 crore and that of RIL jumped by Rs 15,904.53 crore to Rs 3,47,615.95 crore.

Infosys on January 14 reported a better-than-expected 6.6% rise in its third quarter net profit and raised its annual revenue growth forecast.

Meanwhile, ITC added Rs 321.46 crore in its market capitalisation to take it to Rs 2,52,151.15 crore.

The pecking order of the top-10 list showed that TCS stood at number one position despite taking a big hit in m-cap, followed by RIL, HDFC Bank, Infosys, ITC, CIL, Sun Pharma, ONGC, HDFC and HUL.

On a weekly basis, the benchmark BSE Sensex fell by 479.29 points, or 1.92%,

to 24,455.04, its weakest closing since May 30, 2014, while the broader NSE Nifty lost 163.55 points, or 2.15%, to 7,437.80.

Posted by on January 17, 2016. Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.