Top seven cos lose Rs. 38K cr in m-cap

The combined market capitalisation of seven of the country's top 10 companies declined by Rs. 38,767.51 crore last week, with banking giant State Bank of India emerging as the biggest loser.

SBI shed Rs. 10,883.72 crore from its market valuation, which stood at Rs. 1,64,075.07 crore as on Friday last week. During the week, shares of SBI on the Bombay Stock Exchange fell by 6.22 per cent to Rs. 2,583.90 on Friday.

Two state-run firms mining entity Coal India (CIL) and power producer NTPC together lost Rs. 12,764.46 crore from their combined valuations. The m-cap of CIL stood at Rs. 1,84,374.55 crore while that of NTPC was at Rs. 1,40,543.87 crore on Friday last week.

Oil & gas explorer ONCG too witnessed an erosion of Rs. 4,534.4 crore from its m-cap which stood at Rs. 2,24,966.35 crore. IT bellwether Infosys Technologies' market worth also declined by Rs. 5,060.87 crore to Rs. 1,72,709.65 crore.

The m-cap of telecom giant Bharti Airtel fell by Rs. 1,120.27 crore to Rs. 1,25,014.36 crore.

ICICI Bank's m-cap diminished by Rs. 4,403.79 crore to Rs. 1,13,425.96 crore.

However, country's most valued firm Reliance Industries (RIL) along with IT major TCS and FMCG honcho ITC were on the gainers side. RIL added Rs. 9,360.92 crore to its market valuation which stood at Rs. 3,16,160.26 crore on Friday last week.

The market cap of TCS swelled by Rs. 4,070.97 crore to Rs. 2,17,484.06 crore, while ITC saw an addition of Rs. 506.86 crore to its m-cap which stood at Rs. 1,20,574.35 crore.

The stock markets declined nearly 3 per cent during the week under review, following concerns over the rising global crude oil prices due to political tensions in the Middle East that might stoke up domestic inflation.

Source: Financial Express