By Malvika Gurung
Investing.com -- The past week observed high volatility, with domestic equities recording heavy sell-offs on Friday alone after the US Fed announced a 75 bps interest rate hike on Wednesday and iterated an ultra-hawkish monetary tightening policy going ahead to tame decades-high inflation.
The country’s top 10 most valued companies lost their combined valuation by Rs 1,34,139.14 crore in the week, with the market capitalizations of 7 giants eroding away.
The wealth of oil-to-telecom conglomerate Reliance Industries (NS: RELI ) witnessed the biggest drop, followed by the largest private sector lender HDFC Bank (NS: HDBK ) and the Adani (NS: APSE ) Group power transmission giant Adani Transmission (NS: ADAI ).
Here’s how the m-caps of giants of the elite Big Boys club performed in the past week.
- RIL’s m-cap plunged by Rs 40,558.3 crore.
- TCS' (NS: TCS ) valuation slipped by Rs 9,458.65 crore.
- HDFC Bank’s m-cap tanked by Rs 25,544.9 crore.
- Hindustan Unilever’s m-cap rallied by Rs 35,467.1 crore.
- ICICI Bank's (NS: ICBK ) valuation tanked by Rs 18,147.5 crore.
- Infosys ' (NS: INFY ) valuation declined by Rs 5,848.8 crore
- SBI's (NS: SBI ) m-cap fell by Rs 9,950.9 crore.
- Bajaj Finance’s valuation surged by Rs 13,128.7 crore.
- Adani Transmission lost Rs 24,630.1 crore of its wealth.
- ITC’s valuation jumped by Rs 20,381.6 crore.
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So what's the big deal, it's cyclic. When the market goes down this happens and when the market is up opposite will happen. It's commonsense, right?Like 0