Top-10 firms lose Rs 1.5 trillion; RIL worst hit

MUMBAI: The bloodbath on the bourses has wiped off a whopping Rs 1.50 trillion from market valuations of country's of 10 most valued firms in the past week, with Reliance Industries suffering the worst blow. The meltdown at the bourse washed away a big chunk from the market valuation of corporate behemoth Reliance Industries even as others like IT major Infosys Technologies and diversified conglomerate ITC Ltd managed to swim against the tide. The combined market cap of the elite club saw an erosion of Rs 1,50,730 crore in the past week, dropping to Rs 8,94,000 crore from the previous week's Rs 10,44,000 crore. With the market going for a free-fall last week, the country's most valued firm Reliance Industries lost Rs 45,600 crore in its market value dipping below the crucial Rs 2,00,000-crore mark. RIL, which announced its second quarter results last week, registered its profit up by 7.4 per cent at Rs 4,122 crore, while its revenue rose by 39.4 per cent to Rs 44,938 crore. Shares of RIL plummeted for three days in row last week to settle at Rs 1,015.50 on BSE on Friday, wiping off as much as Rs 29,038 crore or about 16 per cent of its market value in a single day.