News Update

Market Valuation of Top Indian Firms Drops by Rs 71,414 Crore, LIC Leads the Decline

• ByStartupStory     |    February 19, 2024

Last week saw a decline in the combined market valuation of six of India’s top-10 most valued firms, with state-owned insurer Life Insurance Corporation of India (LIC) emerging as the biggest laggard. The total erosion amounted to Rs 71,414.03 crore.

On the flip side, State Bank of India, Infosys, HDFC Bank, and ICICI Bank were the gainers, collectively adding Rs 62,038.86 crore to their market capitalization. Despite this, the BSE benchmark climbed 831.15 points or 1.16% during the week.

LIC’s market valuation fell by Rs 26,217.12 crore to Rs 6,57,420.26 crore, while Tata Consultancy Services (TCS) witnessed a tumble of Rs 18,762.61 crore to Rs 14,93,980.70 crore. Similarly, ITC’s market valuation eroded by Rs 13,539.84 crore to Rs 5,05,092.18 crore, and Hindustan Unilever saw a decline of Rs 11,548.24 crore to Rs 5,58,039.67 crore.

The market valuation of Bharti Airtel declined by Rs 703.60 crore to Rs 6,30,340.90 crore, and Reliance Industries dipped by Rs 642.62 crore to Rs 19,76,493.92 crore. However, Reliance Industries had briefly touched a market capitalization of Rs 20 lakh crore on Tuesday, becoming the first Indian company to achieve this milestone. The company’s shares hit their 52-week high of Rs 2,968.40 apiece.

On the other hand, the market capitalization of SBI jumped Rs 27,220.07 crore to Rs 6,73,585.09 crore, while Infosys added Rs 13,592.73 crore, taking its valuation to Rs 7,06,573.08 crore. HDFC Bank’s market valuation climbed by Rs 12,684.58 crore to Rs 10,78,493.29 crore, and ICICI Bank’s valuation went up by Rs 8,541.48 crore to Rs 7,17,796.25 crore.

In the ranking of the top-10 most valued firms, Reliance Industries continued to dominate the chart, followed by TCS, HDFC Bank, ICICI Bank, Infosys, State Bank of India, LIC, Bharti Airtel,

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