Mcap of 8 of top-10 valued firms erodes by Rs 1.66 trn; Reliance, LIC lag

The combined market valuation of eight of the top-10 most valued firms eroded by Rs 1,66,954.07 crore last week, with Reliance Industries and Life Insurance Corporation of India emerging as the biggest laggards, in line with weak trend in equities.

Last week, the BSE benchmark slumped 1,276.04 points or 1.57 per cent.

The market capitalisation (mcap) of Reliance Industries tanked Rs 33,930.56 crore to Rs 19,94,765.01 crore, the most among the top-10 firms.

The valuation of Life Insurance Corporation of India (LIC) slumped Rs 30,676.24 crore to Rs 7,17,001.74 crore.

State Bank of India lost Rs 21,151.33 crore from its valuation which stood at Rs 7,35,566.52 crore.

The market valuation of Infosys dived Rs 20,973.19 crore to Rs 7,35,277.28 crore and that of Tata Consultancy Services (TCS) tumbled Rs 19,157.77 crore to Rs 15,30,469.11 crore.

Bharti Airtel's mcap got wiped out by Rs 16,993.56 crore to Rs 8,33,396.32 crore and ICICI Bank suffered an erosion of Rs 16,975.55 crore to Rs