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Top 10 firms lose over Rs 1.73 lakh crore in market valuation

This article was posted on Jul 12, 2009 and is filed under Stock News

MUMBAI: The country’s top 10 firms saw their total market capitalisation being wiped out by over Rs 1,73,000 crore last week, and Mukesh
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Ambani-led Reliance Industries Ltd lost the most.

RIL lost Rs 38,935 crore in market valuation, with its market cap dipping below Rs three-trillion mark to Rs 2,79,897 crore during the week ended July 10, 2009, as against Rs 3,18,832 crore in the previous week.

Shares of the company on Friday ended 12.21 per cent lower at the BSE to close at Rs 1,778.40.

The total market cap of the top 10 firms, comprising four private and six state-run companies, fell Rs 1,73,462 crore at Rs 14,31,433 crore last week as against Rs 16,04,896 crore the previous week.

State-run firms Oil and Natural Gas Corporation Limited (ONGC) and National Thermal Power Corporation (NTPC) together lost Rs 40,872 crore in market cap.

The total market valuation of ONGC stood at Rs 2,10,967 crore and NTPC at Rs 1,59,344 crore on Friday.

Telecom services provider Bharti Airtel lost Rs 6,635 crore in market cap but moved up one place to fourth position on the top ten list. Minerals and Metals Trading Corporation of India slipped to fifth position from fourth after losing Rs 21,181 crore.

Market cap of Airtel stood at Rs 1,48,509 crore and of MMTC at Rs 1,36,384 crore.
Mining major National Mining Development Corporation (NMDC) lost Rs 20,398 crore from its market cap to end the week at Rs 1,22,549.

Further, IT bellwether Infosys Technologies jumped to seventh place from ninth, though it lost Rs 4,264 crore while State Bank of India slipped to eight slot from seventh after losing Rs 16,954 crore.

During the week, Infosys beat forecast with better-than-expected 17.28 per cent growth in net profit at Rs 1,527 crore compared to a year earlier period. The company ended the week with a market cap of Rs 98,939 crore.

Bharat Heavy Electricals Ltd slipped to ninth position from eight after losing Rs 9,663 crore from its market valuation and engineering major Larsen & Toubro (L&T) lost Rs 14,560 crore. The market cap of BHEL and L&T stood at Rs 97,153 crore and Rs 79,692 crore respectively.

The new top ten list has RIL at the top followed by ONGC (Rs 2,10,967 crore), NTPC (Rs 1,59,344 crore), Bharti Airtel (Rs 1,48,509 crore), MMTC (Rs 1,36,384 crore), NMDC (Rs 1,22,549 crore), Infosys (Rs 98,939 crore), SBI (Rs 98,000 crore), BHEL (Rs 97,153 crore) and L&T (Rs 79,692crore).

source: Economictimes

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