TCS, Infosys among top Indian firms losing $23.7Bn in value
NEW DELHI, INDIA — The combined market valuation of five of India’s ten most valued firms plummeted by Rs 1,97,958.56 crore ($23.7 billion), with IT giants Tata Consultancy Services (TCS) and Infosys leading the downturn.
Despite a modest climb of 188.51 points or 0.25% in the Bombay Stock Exchange (BSE) benchmark last week, TCS’s market valuation saw a dramatic fall of Rs 1,10,134.58 crore ($13.2 billion), bringing its total to Rs 14,15,793.83 crore ($169 billion).
Infosys wasn’t far behind, with its valuation tumbling by Rs 52,291.05 crore ($6.27 billion) to Rs 6,26,280.51 crore ($75 billion).
This downturn in IT stocks was triggered on Friday after Accenture, another tech giant, revised its revenue forecast for the sector downward for the fiscal year 2023-24.
Other notable firms that faced valuation declines include Hindustan Unilever, with a drop of Rs 16,834.82 crore ($2 billion) to Rs 5,30,126.53 crore ($63 billion), and the Life Insurance Corporation of India (LIC), which saw its market valuation decrease by Rs 11,701.24 crore ($1.40 billion) to Rs 5,73,266.17 crore ($68 billion).
HDFC Bank also experienced a dip in its market capitalization by Rs 6,996.87 crore ($839 million), settling at Rs 10,96,154.91 crore ($131 billion).
In contrast, some firms managed to buck the trend and post gains. Reliance Industries Limited led the pack with an increase of Rs 49,152.89 crore ($5.89 billion) in its valuation, reaching Rs 19,68,748.04 crore (236 billion).
The State Bank of India and ITC also saw their market capitalization rise by Rs 12,851.44 crore ($1.54 billion) and Rs 11,108.51 crore ($1.33 billion), respectively, while Bharti Airtel and ICICI Bank enjoyed valuation boosts of Rs 9,430.48 crore ($1.13 billion), and Rs 8,191.79 crore ($982 million), respectively.
Despite the week’s losses, Reliance Industries retained its position as the most valued firm in India, followed by TCS, HDFC Bank, ICICI Bank, and Bharti Airtel, rounding out the top five.
