The top 10 Indian companies witnessed a loss of over Rs 55,000 crore from their market valuations last week, with Reliance Industries alone
accounting for over one-third of the value erosion from the premier club. Mukesh Ambani-led Reliance Industries lost Rs 14,872 crore in the previous week from its market capitalisation with the scrip losing over 7% to settle at Rs 1,170.55 at the end of Friday's trade on the Bombay Stock Exchange. RIL's market cap stood at Rs 1,84,221 crore last week as against Rs 1,99,093 crore in the previous week. The coveted club of top 10 firms, which comprises four private entities and six public sector companies, lost Rs 55,932 crore during the week with market cap of Rs 96,72,202 crore. Last week, the valuation of the club stood at Rs 10,23,135 crore. With the market meltdown due to heavy selling by Foreign Institutional Investors in the past week, all the top 10 companies witnessed an erosion in their market valuations. Market analysts said that FIIs have now turned to selling big chunks of their investment in blue chips which led to the tumbling at the bourses.