India's largest IT firm Tata Consultancy Services (TCS) topped the list of wealth creators for investors during the period 2010-15, while state-owned MMTC and Mukesh Ambani's Reliance Industries emerged as the top "wealth destroyers" in that period, according to a study.
In the past five years, the Mumbai-based IT major TCS created wealth worth Rs 3,458 billion and FMCG major ITC and HDFC Bank are next in the list creating wealth of Rs 1,565 billion and Rs 1,540 billion respectively, showed a study conducted by financial services firm Motilal Oswal.
"TCS has emerged as the biggest wealth creator for the period 2010-15, retaining the top spot it held even in the previous two study periods (2009-14 and 2008-13)," PTI quoted the study as saying.
Sun Pharma (4th), Hindustan Unilever (5th), HCL Tech (6th), HDFC (7th), Tata Motors (8th), Infosys (9th) and Axis Bank (10th) are the other companies in the top ten list of wealth creators.
While Ajanta Pharma was found to be the "fastest" wealth creator for 2010-15, Titan Company emerged as the "the most consistent" wealth creator for its shareholders.
On the other hand, the "top 10 wealth destroyers" include MMTC, Reliance Industries, SAIL, NMDC, BHEL, Jindal Steel, NTPC, Hindustan Copper, Vedanta and Tata Steel. The investors saw a combined wealth erosion of Rs 6,494 billion from their holdings in these companies.
"The total wealth destroyed during 2010-15 is Rs 14.6 trillion, 43 percent of the total wealth created by top 100 companies," the study said.
As many as eight of top 10 wealth destroying firms are doing commodity business and they have been under pressure due to oversupply and a poor demand in China, one of the largest consumers of commodities.