Mumbai: The burden of Adjusted Gross Revenue (AGR) for the telecom companies weighed heavily on the stock of Bharti Airtel, as the company topped the list of losers among the most valued top 10 companies by market capitalisation (M-Cap).
A total of six of the 10 most-valued domestic firms suffered a combined erosion of Rs 29,487 crore in their M-Cap last week, with Bharti Airtel emerging as the biggest loser. Bharti Airtel's M-Cap tumbled Rs 10,692.9 crore to reach Rs 2,97,600.65 crore.
TCS, HDFC, HUL, HDFC Bank and RIL were the other bluechip firms which witnessed a drop in their M-Cap for the week ended Thursday, while Infosys, Bajaj Finance, Kotak Mahindra Bank and ICICI Bank finished with gains.
The trading week ended on Thursday (February 21, 2020) was a truncated week as markets were closed for trading on Friday due to Mahashivratri. During the week, the S&P Sensex of the Bombay Stock Exchange (BSE) was down by 87.62 points or down by 0.21 per cent to end the week at 41,170.12, while the broader Nifty-50 of the National Stock Exchange (NSE) was down by 32.60 points (down 0.27 per cent) at 12,080.85 points.
The m-cap of TCS plummeted Rs 10,319.06 crore to Rs 8,09,126.71 crore and that of HDFC dropped by Rs 5,162.75 crore to Rs 4,10,062.89 crore.
The market valuation of Hindustan Unilever Limited (HUL) fell Rs 1,515.37 crore to Rs 4,86,617.28 crore and that of HDFC Bank declined Rs 1,068.34 crore to Rs 6,66,914.4 crore.
The valuation of Reliance Industries (RIL) dropped Rs 729.01 crore to reach Rs 9,41,693.57 crore. On the other hand, Infosys added Rs 4,471.59 crore to its valuation to stand at Rs 3,39,287.61 crore.
Bajaj Finance's valuation rose by Rs 5,863.46 crore to Rs 2,93,666.38 crore and that of Kotak Mahindra Bank jumped Rs 956.14 crore to Rs 3,22,542.94 crore. The market valuation of ICICI Bank advanced by Rs 541.78 crore to Rs 3,53,766.96 crore.
In the ranking of top-10 firms, RIL remained at the numero uno position, followed by Tata Consultancy Services (TCS), HDFC Bank, HUL, HDFC, ICICI Bank, Infosys, Kotak Mahindra Bank, Bharti Airtel and Bajaj Finance.