RBI urged to tighten banking norms after ICICI employee’s multi-crore FD fraud
They also emphasised the need for the central bank to strengthen its supervisory mechanisms to detect such frauds early and effectively.
Last week, the combined market valuation of six of the top 10 most valued firms surged Rs 1,18,151.75.
HDFC Bank and Bharti Airtel emerged as the biggest gainers, in line with firm trend in equities.
The top gainers from the pack were Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys and Bajaj Finance.
Tata Consultancy Services (TCS), State Bank of India, Hindustan Unilever, and ITC faced erosion from their valuation together losing Rs 1.15 lakh crore from their valuation.
The market valuation of HDFC Bank jumped Rs 32,639.98 crore to Rs 13,25,090.58 crore while the ICICI Bank went up Rs 1,384.81 crore to Rs 8,87,632.56 crore.
However, the market valuation of the largest public sector lender, State Bank of India, declined Rs 25,926.02 crore to Rs 6,57,789.12 crore.
Bharti Airtel added Rs 31,003.44 crore taking its valuation to Rs 9,56,205.34 crore.
Infosys rallied Rs 21,114.32 crore to Rs 7,90,074.08 crore and that of TCS dipped Rs 16,064.31 crore to Rs 14,57,854.09 crore.
The valuation of ITC tanked Rs 39,474.45 crore to Rs 5,39,129.60 crore and the mcap of Hindustan Unilever tumbled Rs 33,704.89 crore to Rs 5,55,361.14 crore.
The mcap of Bajaj Finance surged Rs 29,032.08 crore to Rs 5,24,312.82 crore while the mcap of Reliance Industries climbed Rs 2,977.12 crore to Rs 17,14,348.66 crore.
On Friday, the stock market remained indifferent to the RBI’s rate cut as Sensex and Nifty closed lower for the third consecutive session.
At close, Sensex declined by 0.25 per cent, shedding 197.97 points to settle at 77,860, while the Nifty slipped 0.18 per cent, down 43.4 points to 23,559.95.
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Reliance Industries and HDFC Bank remained with maximum gain, in line with an optimistic trend in equities.
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Reliance Industries took the biggest hit, in line with weak trends in equities.
