MAJOR setback for Ratan Tata's TCS as it loses Rs 975979100000 in just 5 days due to..., Mukesh Ambani's Reliance also...
TCS market cap tumbled by Rs 97,597.91 crore to Rs 10,49,281.56 crore, while Mukesh Ambani-led Reliance lost Rs 40,462.09 crore in market valuation.
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TCS market cap: In a major setback for the Tata Group, Tata Consultancy Services (TCS) emerged as the biggest laggard in the last trade week, losing a whopping Rs 97,597.91 crore in market valuation, which tumbled to Rs 10,49,281.56 crore. According to market data, the combined market valuation of the India's top-10 most valued firms eroded by Rs 2,99,661.36 crore last week, with TCS taking the biggest hit.
TCS-- India's largest IT services exporter, suffered the brunt of the erosion, amid a bearish trend in equities, its market capitalisation (mcap) tumbling Rs 97,597.91 crore to Rs 10,49,281.56 crore.
India's top-10 firms lose Rs 2,99,661 in valuation
Mukesh Ambani-led Reliance Industries-- India's most-valued firm, witnessed an erosion of Rs 40,462.09 crore to its market cap, which slumped to Rs 18,64,436.42 crore, while Narayana Murthy-led Infosys lost Rs 38,095.78 crore of its mcap, which stood at Rs 6,01,805.25 crore.
The valuation of HDFC Bank slumped Rs 33,032.97 crore to Rs 14,51,783.29 crore, and that of ICICI Bank tanked Rs 29,646.78 crore to Rs 9,72,007.68 crore.
Sunil Mittal's Bharti Airtel saw its market value crash to 10,92,922.53 crore after losing Rs 26,030.11 crore, while the valuation of Life Insurance Corporation of India (LIC) fell 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, Bajaj Finance declined by Rs 4,977.99 crore to Rs 6,12,914.73 crore, and the market valuation of State Bank of India dipped by Rs 4,846.07 crore to Rs 7,91,063.93 crore, the data showed.
Did H-1B visa fee hike cause market erosion?
According to experts, US President Donald Trump's decision to impose a staggering $100,000 fee on H-1B visa applications was among the causes of the carnage witnessed in the markets last week.
"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," said Ponmudi R, CEO Enrich Money, an online trading and wealth tech firm.
"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," he added.
Mukesh Ambani's Reliance retains top amid bloodbath
Meanwhile, Reliance Industries Limited-- India's most valued firm led by Asia's richest man Mukesh Ambani-- retained its top spot despite emerging as the second-biggest laggard last week, losing Rs 40,462.09 crore in market valuation, amid a bloodbath in the market which saw the BSE benchmark tumble 2,199.77 points or 2.66 per cent.
Reliance Industries remains India's most valued firm with a mcap of Rs 18,64,436.42 crore, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever and LIC.
(With inputs from agencies)
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