Nine of the top 10 firms lost ₹1.87 lakh crore in market valuation

Valuations of nine firms declined 1,87,808.26 with HDFC Bank and Reliance Industries being the biggest hit.

hdfc bank valuation downgraded 37,848.16 crores from 8,86,070.99 crore closed on Friday. Whereas the market valuation of Reliance Industries (RIL) fell 36,567.46 crores from 16,14,109.66 crores.

In addition, the valuation of Tata Consultancy Services (TCS) fell 36,444.15 crores from 12,44,095.76 crore and of HDFC Tank 20,871.15 crores from 4,71,365.94 crores.

ICICI Bank’s m-cap fell 15,765.56 crores from 5,86,154.58 crore, and the tanker from the valuation of State Bank of India (SBI) 8,879.98 crores from 4,64,927.66 crores.

Infosys mcap down 13,465.86 crore from 6,52,862.70 crores. mcap of bharti airtel dropped 10,729.2 crore from 4,22,034.05 crores.

Hindustan Unilever’s valuation dropped 7,236.74 crores from 5,83,697.21 crores.

However, ITC was the only company whose market valuation increased last week. ITC added 2,143.73 cr taking up its mcap 4,77,910.85 crores.

On Friday (February 24), benchmark indices ended with losses on Friday in line with weak trends in Asian markets and concerns over further hike in interest rates by the US Federal Reserve to curb inflation.

The BSE Sensex closed at 59,463.93, down 141.87 points or 0.24% on Friday.

The NSE Nifty closed 45.45 points, or 0.26%, down at 17,465.80.

Besides, weakness in most Adani group firms continued on Friday as well. The stock of Adani Transmission fell 5%, Adani Green Energy slipped 5%, Adani Total Gas (5%), and Adani Enterprises (4.98%) on the BSE.

Shares of Adani Power declined 4.98%, NDTV 4.05% and Adani Wilmar 3.35%.

Shares of Adani Group have hit the exchanges last month following allegations against US-based short seller Hindenburg Research, including fraudulent transactions and share-price manipulation.

All the ten firms of Adani Group have incurred losses together. 12,03,901.43 crore in market valuation with its report of US short-sellers on January 24.