Mcap of 6 of top-10 most valued domestic firms erodes by Rs 1 lakh cr; Reliance takes biggest hit

Last week, six of India’s top-10 firms saw a drop of INR 102,280.51 crore ($14bn) in combined market valuation, with Reliance Industries suffering the biggest decline. Concern over interest rate rises and the bearish trend in global equities were identified as the reasons for the drop, with Reliance Industries, ICICI Bank, Hindustan Unilever, ITC, Infosys and State Bank of India the affected companies. However, gains were noted by Tata Consultancy Services, HDFC Bank, HDFC and Bharti Airtel.