May 12th 2024.
Last week was a rough one for the stock market, as the combined market value of six of the top-10 most valued firms took a hit of Rs 1,73,097.59 crore. It seems that HDFC Bank and Life Insurance Corporation of India were hit the hardest, as they saw their valuations decrease in line with the overall weak state of the equities market.
The BSE benchmark also saw a decline of 1,213.68 points or 1.64 per cent, adding to the already gloomy atmosphere. In particular, HDFC Bank's market valuation took a major tumble of Rs 60,678.26 crore, bringing it down to Rs 10,93,026.58 crore. LIC also felt the impact, with its valuation tanking by Rs 43,168.1 crore to Rs 5,76,049.17 crore.
Reliance Industries, another top-valued firm, saw a decrease of Rs 36,094.96 crore in its market valuation, bringing it down to Rs 19,04,643.44 crore. ICICI Bank also faced a decline of Rs 17,567.94 crore, bringing its market cap to Rs 7,84,833.83 crore, while State Bank of India saw a decrease of Rs 11,780.49 crore, bringing its valuation to Rs 7,30,345.62 crore.
On the other hand, there were a few firms that managed to ride the wave and see an increase in their market value. Hindustan Unilever saw a significant climb of Rs 33,270.22 crore, bringing its market cap to Rs 5,53,822.16 crore. Tata Consultancy Services also added Rs 20,442.2 crore, bringing its valuation to Rs 14,09,552.63 crore.
Bharti Airtel and Infosys also saw an increase in their market value, with Bharti Airtel adding Rs 14,653.98 crore and Infosys adding Rs 3,611.26 crore. However, despite these gains, Reliance Industries maintained its position as the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.
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