Top Firms Lose Rs 2.99 Lakh Cr; TCS Hit Hard

New Delhi, Sep 28 (PTI) The combined market valuation of the top-10 most valued firms eroded by Rs 2,99,661.36 crore last week, in line with a bearish trend in equities, with IT bellwether Tata Consultancy Services taking the biggest hit.

Last week, the BSE benchmark tanked 2,199.77 points or 2.66 per cent.

"A sharp hike in H-1B visa fees led to heavy unwinding in technology stocks, while also pressuring the Indian rupee, which slipped to a record low against the US dollar.

"Adding to the headwinds, the imposition of 100 per cent tariffs on branded and patented pharmaceutical imports to the US further dampened sentiment, with ripple effects felt across multiple sectors and weighing heavily on market confidence," Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.

The market valuation of Tata Consultancy Services (TCS) tumbled Rs 97,597.91 crore to Rs 10,49,281.56 crore, the most among the top-10 firms.

Reliance Industries' valuation eroded by Rs 40,462.09 crore to Rs 18,64,436.42 crore.

Infosys lost Rs 38,095.78 crore from its market valuation, which stood at Rs 6,01,805.25 crore.

The market capitalisation (mcap) of HDFC Bank tanked by Rs 33,032.97 crore to Rs 14,51,783.29 crore, and that of ICICI Bank dived Rs 29,646.78 crore to Rs 9,72,007.68 crore.

Bharti Airtel's valuation fell by Rs 26,030.11 crore to Rs 10,92,922.53 crore, and that of Life Insurance Corporation of India (LIC) diminished by Rs 13,693.62 crore to Rs 5,51,919.30 crore.

The mcap of Hindustan Unilever dropped by Rs 11,278.04 crore to Rs 5,89,947.12 crore, and that of Bajaj Finance declined by Rs 4,977.99 crore to Rs 6,12,914.73 crore.

The market valuation of State Bank of India dipped by Rs 4,846.07 crore to Rs 7,91,063.93 crore.

Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever and LIC.