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10 Indian firms' market cap drops by $12.2 Billion
By siliconindia
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Tuesday, 30 December 2008, 18:33 IST
60,872 crore ($12.2 billion) in their market capitalization in a week. While Reliance Industries was hard hit as it lost Rs 21,600 crore and its market cap slipped below Rs 2,00,000 crore, the PSU mining giant MMTC bucked the trend and gained Rs 8,278 crore to increase its valuation to Rs 1,04,115 crore.
The combined valuation of the premium club stood at Rs 10,41,283 crore at the end of Friday's trade last week compared to Rs 11,02,154 crore a week ago.
The Mukesh Ambani-led Reliance Industries saw its valuation drop to Rs 1,90,745 crore at the end of Friday's trade from Rs 2,12,345 crore a week earlier.
RIL, which was trading at Rs 1,349.25 a share on December 19, skid over 10 percent during the week to settle at Rs 1,212 per share at the end of Friday's trade.
Also, the state-run NTPC replaced ONGC at the second spot of the elite club of firms. While oil major lost a huge Rs 14,000 crore, the power utility merely lost Rs 3,958 crore in a week.
At the end of Friday's trade, Sunil Mittal-led Bharti Airtel lost Rs 6,614 crore, while the country's biggest lender the State Bank of India saw its valuation go down by Rs 2,755 crore to Rs 78,995.
State-run BHEL lost Rs 6,741 crore and IT bellwether Infosys saw its valuation dip by Rs 4,378 crore.
Besides the erosion, the top 10 club also saw some shuffling in the list. While Reliance Industries despite losing a large share in market cap retained its first position, oil giant ONGC's second spot was taken over by NTPC, which moved up by a notch.
Diversified conglomerate ITC made the biggest jump moving up three notches to seventh position from tenth, although it too had lost Rs 2,892 crore in market cap in the week. ITC replaced BHEL moved down to eighth position. SBI and Bharti have, however, retained their position at fourth and sixth spot. Private sector lender ICICI Bank and HDFC Bank's valuation also eroded by an aggregate of over Rs 9,360 crore. ICICI Bank's valuation stood at Rs 46,529 crore and HDFC Bank's fell to Rs 41,350 crore.