New Delhi: The ten most valued domestic firms together lost a massive Rs 3.35 lakh crore from their market capitalisation last week, as the equity markets witnessed massive sell-off amid fears of coronavirus outbreak turning into a pandemic.
Reliance Industries was the biggest hit, as its market capitalisation (m-cap) declined by Rs 99,430.93 crore to Rs 8,42,262.64 crore. On February 28, the Sensex logged its second-biggest one-day fall in history as concerns over the rapidly-spreading coronavirus triggered a manic global sell-off. During the week ended February 28, Sensex registered a plunge of 2,872.83 points or 6.97 per cent, while the Nifty tumbled 879.10 or 7.27 per cent. Market valuation of Tata Consultancy Services plummeted by Rs 58,293.29 crore to Rs 7,50,833.42 crore and m-cap of HDFC slid by Rs 33,222.99 crore to 3,76,839.9 crore.
Following the downtrend spiral in the broader market, the top ten firms witnessed significant erosion in their market capitalisation, traders said. Among other blue-chip firms, m-cap of Hindustan Unilever plunged Rs 15,792.31 crore to Rs 4,70,824.97 crore and that of HDFC Bank declined by Rs 21,369.47 crore to Rs 6,45,544.93 crore. The valuation of Infosys dropped Rs 27,830.35 crore to Rs 3,11,457.26 crore while Kotak Mahindra Bank lost Rs 12,821.78 crore from its valuation to reach Rs 3,09,721.16 crore.
Market valuation of ICICI Bank dived by Rs 32,736.06 crore to Rs 3,21,030.9 crore and SBI lost Rs 22,088.41 crore from its m-cap to reach Rs 2,70,326.48 crore. Besides, Bharti Airtel stood at Rs 2,85,898.48 crore by losing Rs 11,702.17 crore. The carnage in the equity markets wiped out investor wealth worth Rs 5,45,452.52 crore, with the total market capitalisation of BSE-listed companies standing at Rs 1,46,94,571.56 crore as on February 28. In the ranking of top-10 firms, RIL remained at the top position, followed by Tata Consultancy Services (TCS), HDFC Bank, HUL, HDFC, ICICI Bank, Infosys, Kotak Mahindra Bank, Bharti Airtel and SBI.
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