Mumbai: The combined market capitalisation of eight out of the top-10 most valued companies in India fell sharply last week, eroding by Rs 2,24,630.45 crore. Reliance Industries and HDFC Bank were the biggest losers, reflecting the weak sentiment in equity markets. The decline came as the BSE benchmark index dropped 1,497.2 points, or 1.84 percent, during the week.
Reliance and HDFC Bank take heavy hit
Reliance Industries saw the steepest fall, with its market value slipping by Rs 70,707.17 crore to Rs 18,36,424.20 crore. HDFC Bank also faced a major setback as its valuation dropped by Rs 47,482.49 crore to Rs 14,60,863.90 crore.
Other major losers
ICICI Bank’s market cap fell by Rs 27,135.23 crore to Rs 9,98,290.96 crore. Bharti Airtel’s valuation declined by Rs 24,946.71 crore to Rs 10,77,213.23 crore. The country’s largest insurer, LIC, lost Rs 23,655.49 crore, bringing its market value down to Rs 5,39,047.93 crore.
State Bank of India’s market cap dropped by Rs 12,692.1 crore to Rs 7,40,618.60 crore, while Bajaj Finance lost Rs 10,471.08 crore to settle at Rs 5,45,490.31 crore. Infosys also faced a decline of Rs 7,540.18 crore, taking its valuation to Rs 6,10,463.94 crore.
TCS and HUL buck the trend
In contrast to the losses, two companies managed to gain in value. Tata Consultancy Services (TCS) saw its market capitalisation rise by Rs 11,125.62 crore to Rs 11,15,962.91 crore. Hindustan Unilever also added Rs 7,318.98 crore, taking its valuation to Rs 6,24,991.28 crore.
Top firms by value remain unchanged
Despite the weekly erosion, Reliance Industries remained the most valued firm in the country, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Hindustan Unilever, Infosys, Bajaj Finance, and LIC.
