Nine out of the top ten most valued Sensex companies saw their combined valuation erode by a staggering Rs 93,000 crore last week, amid steep market fluctuation on account of weak global cues.
After seeing a bloodbath on August 24 when Sensex recorded the biggest single-day fall, the 30-share benchmark Sensex managed to recover the lost ground during the week even as volatility persisted.
Among the top 10 firms in terms of market capitalisation, state-run Coal India was the lone gainer. The miner saw its valuation jump by Rs 5,495.23 crore to Rs 2,25,746.86 crore in the week ended August 28.
The remaining nine bluechip firms, including Reliance Industries and ONGC, witnessed an erosion of Rs 93,003.47 crore in their combined market capitalisation.
Last week, the country’s largest software exporter TCS’ valuation plunged by Rs 20,458.91 crore to Rs 5,03,520.41 crore.
Reliance Industries’ market capitalisation slumped by Rs 11,689.71 crore to Rs 2,82,107.36 crore while that of state-owned lender State Bank of India plummeted by Rs 13,732.69 crore to Rs 1,88,587.97 crore.
Similar trends were seen with respect to other top Sensex companies. The market worth of Sun Pharma fell by Rs 12,826.31 crore to Rs 2,12,957.58 crore and that of ONGC declined by Rs 10,608.81 crore to Rs 2,08,368.96 crore.
In case of IT major Infosys, the market capitalisation dropped by Rs 9,164.81 crore to Rs 2,55,121.64 crore.
The fall in valuations was relatively less in HDFC Bank where it declined by Rs 8,320.91 crore to Rs 2,58,362.90 crore and that of HDFC slipped by Rs 4,398.1 crore to Rs 1,89,268.16 crore.
ITC saw its worth decline by Rs 1,803.22 crore to Rs 2,62,807.03 crore.
Rattled by global concerns over Chinese economy, the Sensex last Monday registered its biggest single—day fall of 1,624.51 points that also wiped out investors’ wealth to the tune of over Rs 7 lakh crore.
Managing to recoup the losses, the Sensex rose 161 points to close above the 26,000 mark on Friday (August 28).