Ten most valued Indian companies suffered a combined erosion of Rs 3.35 lakh crore in market valuation last week, with Reliance Industries Ltd (RIL) taking the biggest knock, as fears over coronavirus becoming a pandemic made investors flee riskier assets.
Mukesh Ambani-led RIL's market capitalisation (m-cap) declined by Rs 99,430.93 crore to Rs 8.42 lakh crore. Tata Consultancy Services (TCS), the country's second most valued firm, saw its m-cap falling by Rs 58,293.29 crore to Rs 7.50 lakh crore. HDFC market cap eroded by Rs 33,222.99 crore to Rs 3.76 lakh crore. The m-cap of Hindustan Unilever dived Rs 15,792.31 crore to Rs 4.70 lakh crore. HDFC Bank tumbled Rs 21,369.47 crore to Rs 6.45 lakh crore.
The valuation of Infosys diminished by Rs 27,830.35 crore to Rs 3.09 lakh crore and that of Kotak Mahindra Bank decreased by Rs 12,821.78 crore to stand at Rs 3.09 lakh crore.
ICICI Bank's m-cap fell by Rs 32,736.06 crore to Rs 3.21 lakh crore and of SBI declined Rs 22,088.41 crore to Rs 2.70 lakh crore. Bharti Airtel stood at Rs 2,85,898.48 crore by losing Rs 11,702.17 crore.
On February 28, the Indian equity market became the prey of the coronavirus epidemic. Sensex closed 1,448 points lower at 38,297 and Nifty lost 431 points to 11,201. This was the second-biggest fall for the Sensex ever (in terms of points) in a single day. Highest fall ever was recorded when Sensex plunged 1,624 points to close at 25,741 on August 24, 2015.
The carnage in the equity markets wiped out investor wealth worth Rs 5.45 lakh 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 TCS, HDFC Bank, HUL, HDFC, ICICI Bank, Infosys, Kotak Mahindra Bank, Bharti Airtel and SBI.
(Edited by: Mansi Jaswal)