Mumbai: Tata Consultancy Services (TCS) and Bharti Airtel witnessed a sharp fall in their market value this week, dragging down overall investor sentiment.
The benchmark Sensex dropped by 932.42 points or 1.11 per cent during the week, leading to heavy losses for several top companies.
TCS saw the biggest decline in valuation, losing Rs 56,279.35 crore and ending the week with a market cap of Rs 11.81 lakh crore.
The company’s shares fell nearly 3.5 per cent on Friday after its June quarter results failed to meet investor expectations.
Bharti Airtel was the second-biggest loser, with its market valuation falling by Rs 54,483.62 crore to Rs 10.95 lakh crore.
Reliance Industries, Infosys, ICICI Bank, LIC, HDFC Bank and State Bank of India also ended the week with reduced valuations.
In total, eight of the top 10 most valued firms lost a combined Rs 2.07 lakh crore in market capitalisation.
On the brighter side, only two companies — Hindustan Unilever Limited (HUL) and Bajaj Finance — managed to end the week with gains.
HUL added Rs 42,363.13 crore to its value, driven by a nearly 5 per cent jump in share price on Friday after the company named Priya Nair as its first woman CEO and MD.
Bajaj Finance’s valuation also rose by Rs 5,033.57 crore. Despite the losses, the most valued firms in India include HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever.
Meanwhile, the week was marked by volatility, with the Nifty slipping 311.15 points or 1.22 per cent to close at 25,149.85.
IT stocks led the decline, dragging the Nifty IT index down by 3.76 per cent. The Nifty Auto index fell 2.03 per cent, while Nifty Infra and Nifty Energy declined 1.88 per cent and 1.13 per cent, respectively.
However, FMCG stocks saw buying interest, with the Nifty FMCG index ending 2.15 per cent higher.
–IANS
