Yesterday's heroes have seen a mighty fall. Business Standard Research Bureau figures on companies with a market capitalisation of Rs 1,000 crore (Rs 10 billion) on February 11, 2000, and on January 2, 2004, reveal that a majority of the companies lost market capitalisation during this period.

Of the 114 companies with a market capitalisation of Rs 1,000 crore on February 11, 2000, the market capitalisation of only 44 increased.

The market capitalisation of 59 companies dropped during the period, thanks largely, though not solely, to the meltdown in technology stocks.

The market capitalisation of 25 old economy companies declined 21.47 per cent to Rs 22,395 crore (Rs 223.95) during the period.

When the bulls came romping home...
(Rs crore)	Market capitalisation on
	11-Feb-00	2-Jan-04
Old economy
Hindustan Lever	51,619.00	47,448.00
Mahindra & Mahindra	6,696.00	4,578.00
Novartis	3,323.00	1,390.00
Morepen Laboratories	1,948.00	165.00
Vikas WSP	1,376.00	70.00
New Economy
Wipro	1,38,988.00	41,024.00
Zee Telefilms	52,043.00	6,575.00
Infosys Technologies	65,894.00	37,674.00
VSNL	27,550.00	4,583.00
HCL Technologies	30,202.00	9,266.00

FMCG giant Hindustan Lever saw a decline of Rs 4,171 crore (8.08 per cent) in market capitalisation to Rs 47,448 crore (Rs 474.48 billion), Mahindra & Mahindra Rs 2,118 crore (31.6 per cent) to Rs 4,578 crore (Rs 45.78 billion) and Novartis Rs 1,934 crore (58.19 per cent).

Technology stocks witnessed the biggest erosion: 59 companies witnessed a fall in market capitalisation of Rs 328,435 crore (70.40 per cent) between February 11, 2000, and January 2, 2004. Moreover, the market capitalisation of more than seven companies fell more than Rs 10,000 crore (Rs 100 billion).

The market capitalisation of Wipro fell the most, Rs 97,964 crore (or 70.48 per cent), during the period. This is almost four times the loss in market capitalisation of old economy stocks.

Software industry bellwether Infosys Technologies saw its market capitalisation decline Rs 28,200 crore (42.8 per cent) to Rs 37,674 crore (Rs 376.74 billion).

Companies whose market capitalisation fell almost 100 per cent include Information Technologies (India), Himachal Futuristic Communications, Silverline Industries, Pentamedia Graphics and Trigyn Technologies.

Oil and Natural Gas Corporation, however, saw the biggest gain in market capitalisation, followed by Reliance Industries.