As the equity markets are experiencing a downturn, tension among investors is on the rise. Among the top ten most valuable companies, five recorded a decline of ₹62,586.88 crores in their combined market valuation last week. Tata Consultancy Services (TCS) and Infosys emerged as the biggest losers in the market last week.
Last week, the BSE benchmark fell by 180.74 points or 0.27%, and the Nifty dropped by 35.95 points or 0.18%. TCS’ market valuation decreased by ₹26,308.58 crores to ₹12,91,919.56 crores.
On the other hand, Infosys saw a decline of ₹25,296.43 crores in its valuation, which was ₹5,95,597.10 crores previously. On Friday, the share price of the tech giant on the BSE fell by 0.18% to close at ₹3,530.75 per share.
One major reason for the decline in the shares of large IT companies like Infosys, TCS, and Wipro was the weak revenue growth guidance for the financial year 2023-24 by the sector. The companies anticipated that their first-quarter revenue would fall short of the Street’s expectations. The current fiscal year outlook reflects the impact of high inflation and interest rates.
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Reliance Industries’ market valuation fell by ₹5,108.05 crores to ₹15,87,553.37 crores, and Hindustan Unilever’s valuation decreased by ₹3,865.08 crores to ₹5,79,373.96 crores.
Despite an overall decline in their assets throughout the week, both Hindustan Unilever and Reliance Industries closed in the green on Friday. Reliance Industries’ share rose by 0.54% to ₹2,346.50 per share on Friday, while HUL’s shares increased by 0.23% to close at ₹2,465.85 per share on the BSE.
HDFC Bank’s market capitalization (MCap) fell by ₹2,008.74 crores to ₹11,57,145.86 crores, while Bajaj Finance’s MCap increased by ₹20,413.41 crores to ₹4,73,186.41 crores. Bharti Airtel increased its valuation by ₹8,520.13 crores to ₹5,19,279.14 crores, while the MCap of ICICI Bank increased by ₹1,526.52 crores to ₹5,54,207.44 crores.
In terms of ranking the most valuable companies, Reliance Industries remained at the top, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, ITSC, State Bank of India, Bharti Airtel, and Bajaj Finance. Source: Mint
