TCS, Infosys, SBI, ITC, HUL, ICICI Bank biggest losers, suffer ₹1.4 lakh crore loss in market capitalisation - Hindustan Times
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TCS, Infosys, SBI, ITC, HUL, ICICI Bank biggest losers, suffer 1.4 lakh crore loss in market capitalisation

Apr 21, 2024 12:19 PM IST

TCS, Infosys, SBI, ITC, HUL, and ICICI Bank, these 6 stocks in India's top 10 most valued firms list, shed ₹1.4 lakh crore in market capitalisation.

Except mostly for HDFC Bank and Reliance Industries, for most stock market participants, it was a week not to remember. Even the usually dependable infotech companies did not manage to hold the fort after revealing their quarterly results. And even as the stock markets in general were falling, gold was rising with many investors rushing towards what they perceived was a safe haven in a sea of uncertainty. After all the dust settled, the time has come to take stock and sift the laggards from those who have actually managed to stay strong. The results of this exercise show that the stocks that have not done well at all are Tata Consultancy Services (TCS) and Infosys.

TCS, Infosys, SBI, ITC, HUL, and ICICI Bank dropped as much as <span class='webrupee'>₹</span>1.4 lakh crore in market capitalisation last week.(REUTERS)
TCS, Infosys, SBI, ITC, HUL, and ICICI Bank dropped as much as 1.4 lakh crore in market capitalisation last week.(REUTERS)

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As per the current figures, the combined market-capitalisation of the top six (out of the top 10) firms was eroded by 1,40,478.38 crore. Yes, 1.40 lakh crore was the combined loss to investors. And this happened in a holiday-shortened week (Ram Navami on Wednesday). For the week, BSE benchmark dropped 1,156.57 points or 1.55 per cent.

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The loss makers

In the top 10, apart from the ones mentioned above, other stocks that caused losses were ITC, Hindustan Unilever, ICICI Bank and SBI, as can be seen from their declining market-cap.

TCS market capitalisation indicated by how much India’s biggest IT services company lost. The mcap fell by 62,538.64 crore to 13,84,804.91 crore, which was the highest in the top 10 companies’ list.

India’s second largest IT company Infosys lost 30,488.12 crore in its market cap and now stands at 5,85,936.45 crore. Infosys shares had slumped by almost 1% on Friday. It had later revealed its quarterly numbers on that day too. Notably, its revenue growth guidance for FY25 has left investors in uncertain territory.

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Among the banks in the top 10 list, ICICI Bank market capitalisation fell by 26,423.74 crore to 7,49,023.89 crore.

The state-owned SBI market capitalisation fell by 14,234.76 crore to 6,70,059.86 crore.

And among the usually unflappable FMCG majors, ITC market cap fell 6,616.9 crore to 5,30,350.97 crore

Hindustan Unilever market cap was down by 176.22 crore to 5,24,487.51 crore.

The gainers

Yes, in a sea of red where even the biggest companies faced strong headwinds in the share market, there were some that did manage to do well. The list includes RIL, Bharti Airtel, Life Insurance Corporation and HDFC Bank.

Bharti Airtel market capitalisation jumped by 37,797.09 crore to 7,30,658.36 crore.

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Private lender HDFC Bank market capitalisation increased by 9,420.17 crore to 11,63,314.93 crore.

Reliance Industries valuation increased by a flattish 4,397.82 crore, improving its mcap to 19,90,195.52 crore.

State-owned insurer LIC market cap increased by a nominal 1,201.75 crore to 6,15,453.90 crore.

Top 10 companies ranked as per market capitalisation - list of most valued companies

* Reliance Industries

* TCS

* HDFC Bank

* ICICI Bank

* Bharti Airtel

* State Bank of India

* LIC

* Infosys

* ITC

* Hindustan Unilever

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