Mumbai, February 15 (IANS). Amid the fall in the stock market this week, a huge decline of Rs 90,198.92 crore was recorded in the market capitalization (market cap) of the country’s leading IT company Tata Consultancy Services (TCS), and with this the total market cap of the company came down to Rs 9,74,043.43 crore. During this period, TCS emerged as the biggest loss making company among the top companies of the country.
The combined market capitalization of six top 10 companies declined by more than Rs 3 lakh crore amid widespread selling.
The main index of BSE fell by 953.64 points or 1.14 percent, which clearly showed the weak confidence of investors.
The companies in the IT sector that suffered the most losses include TCS and Infosys, whose valuations saw a huge decline.
Infosys’ market capitalization declined by Rs 70,780.23 crore to Rs 5,55,287.72 crore. The fall in IT shares affected the entire market.
The valuation of private sector bank HDFC Bank also declined by Rs 54,627.71 crore and reached Rs 13,93,621.92 crore.
The market cap of the country’s most valuable company Reliance Industries also declined by Rs 41,883 crore to Rs 19,21,475.79 crore, although it still remains at the first position.
Life Insurance Corporation of India’s market cap declined by Rs 23,971.74 crore to Rs 5,46,226.80 crore, while Bharti Airtel’s market capitalization declined by Rs 19,244.61 crore, taking its total market cap to Rs 11,43,044.03 crore.
However, this week was not full of losses for all companies. The market cap of SBI, the country’s largest public sector bank, increased by Rs 1,22,213.38 crore to Rs 11,06,566.44 crore and it was the highest profit making company.
At the same time, the valuation of Bajaj Finance increased by Rs 26,414.44 crore to reach Rs 6,37,244.64 crore, while the market cap of engineering company Larsen & Turbo increased by Rs 14,483.9 crore to Rs 5,74,028.93 crore.
The market capitalization of ICICI Bank also increased by Rs 5,719.95 crore and reached Rs 10,11,978.77 crore.
Despite the fall in the market, Reliance Industries remained the most valuable company in the country.
After this, HDFC Bank, Bharti Airtel, SBI, ICICI Bank, TCS, Bajaj Finance, L&T, Infosys and LIC remained in the ranking of the top 10 most valuable companies of the country.
–IANS
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