Bad news for India’s largest private bank as it loses Rs 47075 crore due to…; market cap declines to Rs…

Besides the bank, Mukesh Ambani’s Reliance Industries, Sunil Mittal’s Bharti Airtel also faced erosion in their market cap.

HDFC Bank, India’s largest private bank, took the biggest hit last week in line with a bearish trend in the domestic share market. The bank lost Rs 47,075.97 crore in its market valuation in five days from June 9 to June 13 due to a fall in its share prices, PTI reported. Its market cap declined to Rs 14,68,777.88 crore, as on Friday. The shares were closed at Rs 1,919.50 on June 13. Last week, the BSE benchmark tanked 1,070.39 points or 1.30 per cent. Its rival ICICI Bank lost Rs 30,677.44 crore in its market capitalisation (mcap) to Rs 10,10,375.63 crore.

Mcap of 8 most valued firms eroded

The combined market valuation of eight of the top-10 most valued firms eroded by Rs 1,65,501.49 crore last week, including HDFC Bank. Mukesh Ambani’s Reliance Industries, HDFC Bank, Sunil Mittal’s Bharti Airtel, ICICI Bank, State Bank of India (SBI), Life Insurance Corporation of India (LIC), Bajaj Finance and Hindustan Unilever Ltd also faced erosion. 

While Tata Consultancy Services (TCS) and Infosys witnessed net additions in their market valuations. The market valuation of TCS jumped Rs 22,215.06 crore to Rs 12,47,190.95 crore, and the mcap of Infosys climbed Rs 15,578.3 crore to Rs 6,65,318.03 crore.

The valuation of Reliance Industries (RIL) dropped by Rs 21,516.63 crore to Rs 19,31,963.46 crore, and that of India’s largest government bank, SBI, eroded by Rs 18,250.85 crore to Rs 7,07,186.89 crore. The mcap of Hindustan Unilever Ltd dived by Rs 16,388.4 crore to Rs 5,44,893.71 crore. India’s second-largest telecom firm, Bharti Airtel’s valuation declined by Rs 15,481.22 crore to Rs 10,50,413.33 crore, and that of LIC went lower by Rs 13,693.62 crore to Rs 5,93,379.66 crore.

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Reliance remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever Ltd. The BSE Sensex ended Friday’s session at 81,167.35, falling 524 points or 0.64%, while the Nifty50 slipped over 150 points, or 0.61%, to close below the key 24,800 mark.

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