Major Tech Giants Lose a Combined Market Valuation of INR 1.22 lakh crore

IT firms such as Tata Consultancy Services (TCS) and Infosys faced erosion from their valuation, with Reliance Industries observing the most sluggish growth.
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The combined valuation of the three of the top ten domestic firms in the Indian market fell by INR 1,22,852.25 crore in the first week of September. IT firms such as Tata Consultancy Services (TCS) and Infosys faced erosion in their valuation, with Reliance Industries observing the most sluggish growth. 

In contrast, companies such as HDFC Bank, Hindustan Unilever, ICICI Bank, State Bank of India, Bajaj Finance and Adani Transmission gained a combined value of INR 62,221.63 crore from the valuation. 

Moreover, the BSE benchmark Sensex dipped 30.54 points or 0.05 per cent.

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The overall market valuation of Reliance Industries fell from INR 60,176.75 crore to reach a value of INR 17,11,468.58 crore. Whereas, the market capitalisation of TCS declined from INR 33,663.28 crore to reach a value of INR 11,45,155.01 crore. Likewise, the mcap of Infosys dipped from Rs 29,012.22 crore to reach a value of Rs 6,11,339.35 crore.

The valuation of Adani Transmission increased from Rs 12,494.32 crore to reach a value of INR 4,30,842.32 crore, which initiated the enterprise into the ‘Top 10 list’ on August 30, 2022. The market capitalisation of State Bank of India (SBI) advanced from INR 11,289.64 crore to INR 4,78,760.80 crore while that of HDFC increased from INR 9,408.48 crore to reach at INR 4,44,052.84 crore.

In the ranking of the top 10 firms, Reliance Industries retained its number one position, followed by TCS, HDFC Bank, Hindustan Unilever, Infosys, ICICI Bank, SBI, HDFC, Bajaj Finance and Adani Transmission.

Bhuvana Kamath
I am fascinated by technology and AI’s implementation in today’s dynamic world. Being a technophile, I am keen on exploring the ever-evolving trends around applied science and innovation.

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