Infosys, TCS Take Biggest Hit As MCAP of 6 of 10 Most Valued IT Firms Erodes by INR 1.71 Lakh Crore

New Delhi, January 19: The combined market valuation of six of the top 10 valued domestic firms eroded by Rs 1.71 lakh crore last week, with IT majors Infosys and Tata Consultancy Services taking the biggest hit. Last week, the BSE benchmark lost 759.58 points or 0.98 per cent, and the Nifty declined by 228.3 points or 0.97 per cent.

From the top 10 pack, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever and ITC faced a combined erosion of Rs 1,71,680.42 crore in their market valuation while Reliance Industries, Bharti Airtel, State Bank of India and Life Insurance Corporation of India (LIC) were the gainers. Infosys Q3 Results: Net Profit Rises by 11.5% to INR 6,806 Crore, IT Firm Delivers Strong and Broad-Based Performance With 6.1% YoY Growth.

The valuation of Infosys tanked by Rs 62,948.4 crore to Rs 7,53,678.38 crore, the most among the top 10 firms. Infosys shares tanked nearly 6 per cent on Friday amid profit-taking after the announcement of the third quarter earnings. The market capitalisation (mcap) of TCS tumbled by Rs 50,598.95 crore to Rs 14,92,714.37 crore.

Hindustan Unilever's valuation dropped by Rs 20,605.92 crore to Rs 5,53,152.52 crore and that of ICICI Bank diminished by Rs 16,005.84 crore to Rs 8,65,495.17 crore. The mcap of HDFC Bank declined by Rs 15,640.8 crore to Rs 12,51,799.81 crore and that of ITC went lower by Rs 5,880.51 crore to Rs 5,50,702.93 crore. However, the valuation of Reliance Industries surged Rs 79,773.34 crore to Rs 17,60,967.69 crore. Infosys Salary Hike Deferred: Report Says IT Firm Postpones Annual Raise to Fourth Quarter for Current Financial Year, Here's What It Means for Employees.

The mcap of State Bank of India jumped Rs 18,697.08 crore to Rs 6,81,930.22 crore. LIC added Rs 9,993.5 crore taking its market valuation to Rs 5,40,724.05 crore. The mcap of Bharti Airtel climbed Rs 7,080.98 crore to Rs 9,27,014.97 crore. Reliance Industries remained the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and LIC.

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