Seven of the top ten most valued Indian companies saw a combined erosion of Rs. 60,600 crore in market valuation in the week to July 24 on account of correction, with Sun Pharmaceutical Industries taking the hardest hit.
While Tata Consultancy Services (TCS), HDFC Bank, Coal India Ltd (CIL), ITC, Oil and Natural Gas Corporation (ONGC), Sun Pharma and State Bank of India (SBI) ran up losses in their market capitalisation or M-Cap during the week, Reliance Industries Ltd (RIL), Infosys and HDFC made gains.
The market valuation of Sun Pharma tumbled by Rs. 26,614.38 crore to Rs. 2,01,111.83 crore – the most among the top ten firms.
Sun Pharma shares saw massive selling on Tuesday after the drug major said it expected a dent in profit for the fiscal year due to charges stemming from its ongoing integration with Ranbaxy Laboratories.
TCS’ market valuation dropped by Rs. 10,890.53 crore to Rs. 4,90,416.52 crore while ONGC lost Rs. 8,084.94 crore in M-Cap during the period, takings its market capitalisation to Rs. 2,42,163.15 crore.
The M-Cap of ITC plunged by Rs. 5,911.21 crore to Rs. 2,52,028.21 crore while that of SBI plummeted by Rs. 5,712.49 crore to Rs. 1,99,369.58 crore.
CIL’s valuation declined by Rs. 2,494.96 crore to Rs. 2,69,013.96 crore
The market value of HDFC Bank fell by Rs. 891.56 crore to Rs. 2,77,968.20 crore.
On the other hand, the market cap of Infosys jumped by Rs. 20,063.81 crore to Rs. 2,50,217.67 crore.
Similarly, HDFC added Rs. 4,311.4 crore to its market value, taking its M-Cap to Rs. 2,13,512.90 crore while RIL’s rose by Rs. 1,067.11 crore to Rs. 3,31,879.63 crore.
TCS took the top spot in the domestic market cap chart, followed by RIL, HDFC Bank, CIL, ITC, Infosys, ONGC, HDFC, Sun Pharma and SBI.
