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Millennium Post

Valuation of top-10 halves in a week

The combined market valuation of the country's top 10 companies nearly halved to Rs 10 lakh crore last week, dragged down by Reliance Industries Ltd (RIL), which accounted for the highest part of the decline, and Oil and Natural Gas Corporation (ONGC).

For the week ended 9 November, the total market capitalisation of the 10 most valued companies plunged to Rs 9.9 lakh crore from Rs 18.88 lakh crore in the preceding week.

During the week Oil and Natural Gas Corporation's valuation plummeted by Rs 7,357 crore to Rs 2,19,961 crore while that of Reliance Industries Ltd tumbled by Rs 6,360 crore to Rs 2,55,021 crore. Oil and Natural Gas Corporation last week reported a 32 per cent drop in its September quarter net profit, weighed down by rising costs and subsidy burden.

Coal India Ltd (CIL) was another major loser whose valuation declined by Rs 2,652 crore to Rs 2,18,704 crore. The market capitalisation of Infosys fell by Rs 2,294 crore while that of TCS nosedived by Rs 1,108 crore to Rs 2,59,427 crore. State-owned NTPC saw a value erosion of Rs 824 crore to Rs 1,37,658 crore.

On the other hand, mortgage lender HDFC emerged as the biggest gainer with its market capitalisation rising by Rs 4,225 crore to Rs 1,22,304 crore.

Fast moving consumer goods (FMCG) major ITC saw a climb of Rs 4,007 crore in its valuations to a total of Rs 2,26,850 crore.
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