HDFC Bank, RIL hit hard as 9 of top 10 firms lose Rs 1.87 lakh crore in valuation

New Delhi: Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC Bank and Reliance Industries taking the biggest hit amid an overall weak trend in equities.

Last week, the BSE benchmark tumbled 1,538.64 points or 2.52 per cent amid concerns that the US Federal Reserve might raise interest rates further to curb inflation. Fresh foreign fund outflows also dented investor sentiments.

Barring ITC, all 10 firms, including Tata Consultancy Services (TCS), Infosys, ICICI Bank and Hindustan Unilever, were the laggards.

HDFC Bank's valuation declined by Rs 37,848.16 crore to Rs 8,86,070.99 crore at close on Friday.

The market valuation of Reliance Industries fell by Rs 36,567.46 crore to Rs 16,14,109.66 crore.

The valuation of TCS tumbled Rs 36,444.15 crore to Rs 12,44,095.76 crore and that of HDFC tanked Rs 20,871.15 crore to Rs 4,71,365.94 crore.

The market capitalisation (mcap) of ICICI Bank fell by Rs 15,765.56 crore to Rs 5,86,154.58 crore and that of Infosys declined by Rs 13,465.86 crore to Rs 6,52,862.70 crore.

Bharti Airtel's mcap dipped by Rs 10,729.2 crore to Rs 4,22,034.05 crore and that of State Bank of India went lower by Rs 8,879.98 crore to Rs 4,64,927.66 crore.

The valuation of Hindustan Unilever slipped Rs 7,236.74 crore to Rs 5,83,697.21 crore.

However, ITC added Rs 2,143.73 crore taking its mcap to Rs 4,77,910.85 crore.

Reliance Industries continued to retain the title of the most valued firm followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, ITC, HDFC, State Bank of India and Bharti Airtel.