Mumbai: The market capitalisation of Larsen & Toubro declined sharply this week, falling by Rs 45,629.03 crore as weakness in the stock market affected several large companies.
After the decline, the company’s total market valuation stood at Rs 5,43,208.36 crore.
The fall came during a week when the broader equity market witnessed strong selling pressure. The benchmark BSE Sensex dropped 2,368.29 points, or 2.91 percent, reflecting cautious investor sentiment.
Top Companies Lose Rs 2.81 Lakh Crore
Overall, eight of the top-10 most valuable companies in India together lost Rs 2,81,581.53 crore in market capitalisation during the week.
Market experts said global developments played a key role in the decline. According to Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, the market fell due to rising geopolitical tensions in West Asia and a sharp increase in crude oil prices.
These developments made investors cautious and led to heavy selling in several large-cap stocks.
Banking Stocks See Heavy Losses
Among the top companies, State Bank of India recorded the biggest decline in market value. Its valuation dropped by Rs 53,952.96 crore, taking the total market capitalisation to Rs 10,55,567.27 crore.
The market value of ICICI Bank also fell significantly by Rs 46,936.82 crore, while HDFC Bank lost Rs 46,552.3 crore during the week.
Other companies also witnessed declines. The market value of Bajaj Finance fell by Rs 28,934.56 crore, while IT major Tata Consultancy Services lost Rs 28,492.44 crore.
Similarly, Hindustan Unilever and Bharti Airtel also recorded declines in market value.
Reliance And Infosys Show Gains
Despite the overall market decline, two companies managed to record gains. The market value of Reliance Industries increased by Rs 14,750.39 crore, while Infosys added Rs 3,459.99 crore.
Nifty Technical Levels
Market analysts said the Nifty 50 currently faces resistance at 24,700, followed by 25,000 and 25,150.
On the downside, support levels are seen at 24,300 and 24,000. If the index falls below 23,800, analysts warn that further selling pressure could increase.
