Market valuation of six of top 10 valued domestic firms erode by Rs 1.71 lakh crore
Last week, the combined market valuation of six of the top 10 valued domestic firms eroded by Rs 1.71 lakh crore.
Last week, the combined market valuation of six of the top 10 valued domestic firms eroded by Rs 1.71 lakh crore.
The combined market valuation of five of the top-10 most-valued firms tumbled Rs 1,85,952.31 crore last week.
The company's consolidated revenue increased 5.6 per cent to Rs 63,973 crore during the quarter.
IT services major Tata Consultancy Services (TCS) on Thursday reported a drop in its employee headcount by 5,370 in the third quarter this fiscal (Q3 FY25), which is a reversal after two consecutive quarters of headcount growth.
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
Reacting to the results, analysts at domestic brokerage Reliance Securities said the revenue underperformance was a one-off and welcomed the significant deal wins.
Reports suggest that the TATA sons had released the pledge on March 25 and March 26 in these firms.
Following the large-cap markets, the broader markets also plunged with MidCap and SmallCap closing at 1.3 and 1.6 per cent down respectively.
It said TCS grew in a challenging year when the brand value of IT services companies collectively dropped by 3 per cent.
During the afternoon trade, the market valuation of Reliance Industries Ltd (RIL) was at Rs 12,42,593.78 crore on the BSE.
