ICICI Bank today 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 a sharp dip in first quarter profit.
Bharti Airtel's scrip was under pressure, down 4.4% on the BSE in early trade, as its net profit declined 37% to Rs 762.2 crore for the quarter ended June 30, 2012 - the tenth straight quarterly fall.
As a result, Airtel's m-cap slipped to Rs 1,08,305 crore, making it the 11th most valued firm, as against ICICI Bank's Rs 1,12,006 crore m-cap which pushed it to 10th place.
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."
Meanwhile, shares of ICICI Bank were trading at Rs 971.5, down marginally by 0.24%.
The top-10 list is led by RIL with m-cap of Rs 2,59,409 crore, followed by TCS (Rs 2,45,141 cr), ONGC (Rs 2,37,885 cr), Coal India (Rs 2,19,462 cr), ITC (Rs 2,04,529 cr), HDFC Bank (Rs 1,40,568 cr), SBI (Rs 1,39,332 cr), NTPC (Rs 1,37,740 cr), Infosys (Rs 1,31,154 cr) and ICICI Bank (Rs 1,12,006 cr).
Market capitalisation of a listed company corresponds to the cumulative market price of all its shares. This figure changes daily with the stock price.