Mumbai: ICICI Bank on Wednesday toppled Bharti Airtel to become the country's 10th most valued firm in terms of market capitalisation, pushing the telecom major out of the top-10 list following a sharp fall in its share price after it posted dip in first quarter profit.
At close on Wednesday, Bharti commanded a market value of Rs 1,04,204 crore, as against ICICI Bank's Rs 1,10,449 crore m-cap.
Bharti's scrip came under heavy selling pressure following a below estimate quarterly results which send the company's shares down by 6.6 percent at Rs 274.40 on the BSE.
In the process, the company's market capitalisation dropped Rs 7,367 crore to Rs 1,04,204 crore.
As a result, the company slipped to 12th place in the list and is currently placed after HDFC.
On the other hand, ICICI Bank's shares lost 1.62 percent to close at Rs 958.
Market experts blamed the fall in Bharti's scrip and market cap to below-expectation results.
"Bharti reported below estimates numbers, both domestic operation and African operation reported margin decline," Rikesh Parikh, VP Markets, Motilal Oswal Securities said.
Another analyst, Ankita Somani, Research Analyst-IT & Telecom, Angel Broking said, "Bharti reported disappointing performance for Q1 FY13, with net profit declining for 10th straight quarter due to higher operating costs. Overall the results were subdued."
The top-10 list is led by RIL with m-cap of Rs 2,58,902 crore, followed by TCS (Rs 2,44,750 crore), ONGC (Rs 2,40,409 crore), Coal India (Rs 2,18,198 crore), ITC (Rs 2,04,764 crore), HDFC Bank (Rs 1,40,674 crore), NTPC (Rs 1,38,606 crore), SBI (Rs 1,38,309 crore), Infosys (Rs 1,31,033 crore) and ICICI Bank (Rs 1,10,449 crore).
Market capitalisation of a listed company corresponds to the cumulative market price of all its shares. This figure changes daily with the stock price.