TCS, Infosys take a hit as 5 of top 10 firms lose Rs 1.97 lakh crore in market valuation

IT majors Tata Consultancy Services (TCS) and Infosys took a hit as combined market valuation of five of the 10 most valued firms eroded by Rs 1,97,958.56 crore last week amid volatile trends in equities.

Last week, the BSE benchmark climbed 188.51 points or 0.25 per cent.
The market valuation of TCS tanked Rs 1,10,134.58 crore to Rs 14,15,793.83 crore, the most among the top 10 firms. The valuation of Infosys tumbled Rs 52,291.05 crore to Rs 6,26,280.51 crore.

IT stocks fell on Friday after tech giant Accenture lowered its revenue forecast for the sector for the 2023-24 fiscal. Hindustan Unilever's market valuation fell by Rs 16,834.82 crore to Rs 5,30,126.53 crore and that of Life Insurance Corporation of India (LIC) declined by Rs 11,701.24 crore to Rs 5,73,266.17 crore.

The market capitalisation (mcap) of HDFC Bank dipped Rs 6,996.87 crore to Rs 10,96,154.91 crore. However, the valuation of Reliance Industries Limited jumped Rs 49,152.89 crore to reach Rs 19,68,748.04 crore.

State Bank of India added Rs 12,851.44 crore, taking its mcap to Rs 6,66,133.03 crore. The mcap of ITC climbed Rs 11,108.51 crore to Rs 5,34,768.59 crore and that of Bharti Airtel went up by Rs 9,430.48 crore to Rs 6,98,855.66 crore.

ICICI Bank's mcap jumped Rs 8,191.79 crore to Rs 7,65,409.98 crore. In the ranking of the most valued firms, Reliance Industries retained the number one title followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, ITC and Hindustan Unilever.