The combined market capitalisation (M-cap) of seven of the country’s top 10 companies declined sharply by Rs 61,077.64 crore in the past week, as investor confidence was dented amid a turmoil in the global financial markets.

Software exporters TCS and Infosys, whose major revenues come from the US and the European markets, were the worst hit in terms of erosion in M-cap.

IT stocks were battered last week on bourses, following S&P downgrading the sovereign rating of the US to AA+ from the coveted AAA.

The market value of TCS dipped by Rs 20,648.46 crore to Rs 1,86,168.86 crore, while that of Infosys dropped by Rs 12,408.03 crore to Rs 1,36,336.17 crore.

During the period, shares of TCS plunged by 10 per cent, and that of Infosys 8 per cent on the Bombay Stock Exchange (BSE).

Reliance Industries, the country’s most valued firm, saw its M-cap dropping by Rs 10,101.12 crore to Rs 2,49,106.46 crore.

State-run Coal India’s market worth slipped by Rs 4,453.03 crore to Rs 2,43,369.35 crore.

The country’s largest telecom company Bharti Airtel fell by Rs 9,816.59 crore to Rs 1,47,837.45 crore, while SBI’s value dropped by Rs 2,501.86 crore to Rs 1,39,281.88 crore.

HDFC Bank, which replaced ICICI Bank as the country’s tenth most valued company, also saw a dip of Rs 1,148.55 crore from its M-cap which was Rs 1,09,210 crore.

In contrast, market valuations picked up for oil & gas major ONGC, business conglomerate ITC and power major NTPC.

ONGC added Rs 2,737.76 crore, taking its market cap to Rs 2,38,954.56 crore, Another gainer ITC’s market valuation advanced by Rs 1,442.39 crore to Rs 1,53,708.28 crore and NTPC’s m-cap surged by Rs 2,679.77 crore to Rs 1,44,419.23 crore.

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