Top 10 largest firms shed Rs 1.35 lakh crore in a week; IT firms lead losses

New Delhi, Aug 3 (IANS) The combined market valuation of seven of the 10 most valued firms in India lost Rs 1.35 lakh crore in market capitalisation last week, with tech giant Tata Consultancy Services (TCS) suffering the biggest loss.

The valuation of TCS dipped by over 3 per cent and lost Rs 47,487 crore to reach around Rs 10.87 lakh crore. Last week, Nifty, the NSE benchmark, dropped over 270 points, or 1.09 per cent.

TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Life Insurance Corporation of India (LIC) and Bajaj Finance faced a combined erosion of Rs 1,35,349 crore from their market valuation last week.

Though a weak sentiment prevailed in the stock market due to global trade concerns, particularly the pressure on IT stocks like TCS and Infosys were the major movers. The Nifty IT index lost 9.4 per cent in July, marking its second-largest dip this year.

Earnings below expectations, global tech weakness and restructuring challenges due to artificial intelligence (AI) were the main factors. TCS announced plans to lay off 12,200 mid- and senior-level employees.

The market capitalisation of Bharti Airtel lost Rs 29,936 crore to reach around Rs 10.75 lakh crore. Bajaj Finance's valuation was down Rs 22,806 crore to around Rs 5.45 lakh crore, and that of Infosys dropped by Rs 18,694 crore to Rs 6.11 lakh crore.

The State Bank of India (SBI) saw its market value drop by Rs 11,584.43 crore to Rs 7,32,864 crore.

ICICI Bank dropped by Rs 3,608 crore to reach Rs 10,50,215 crore, while LIC lost Rs 1,233 crore to touch Rs 5,59,509 crore in market capitalisation.

--IANS

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