Housing finance company HDFC Ltd has been knocked out of the country’s 10 most valued companies in terms of market capitalization after a significant drop in share price.
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The shares of housing financing company HDFC Ltd. fell 7.19 percent during the trading week ending April 22, following a broader decline in Indian stocks, with eight of the last top 10 companies by market capitalization losing Rs 2.21 Lakh Crore in valuation.
On April 4, HDFC announced that it would merge its operations with HDFC Bank. Once the deal goes into effect, HDFC Bank will be wholly owned by public shareholders and existing HDFC shareholders will own 41 percent of the bank.
Shares of HDFC have fallen nearly 18 percent since the merger announcement.
HDFC Bank’s market cap (mcap) also plunged Rs 60,536.97 crore to Rs 7,51,801.60 crore during the last trading week.
Ranking of top 10 companies after the end of last trading week: Reliance Industries led the way, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, Adani Green Energy, State Bank of India, Bajaj Finance and Bharti Airtel .