Mumbai: The domestic equity market witnessed a sharp downturn last week, leading to a combined erosion of Rs 1.65 lakh crore in the market capitalisation of eight out of the top-10 most valued companies. The bearish sentiment, reflected in the BSE benchmark’s fall of 1,070.39 points or 1.30 percent, hit heavyweight stocks across key sectors.
HDFC Bank emerged as the biggest laggard, with its market valuation plummeting by Rs 47,075.97 crore to Rs 14,68,777.88 crore. ICICI Bank followed with a significant drop of Rs 30,677.44 crore, bringing its mcap down to Rs 10,10,375.63 crore.
Reliance Industries, although retaining its position as India’s most valuable company, saw its valuation shrink by Rs 21,516.63 crore to Rs 19,31,963.46 crore. State Bank of India wasn’t spared either, witnessing a decline of Rs 18,250.85 crore in its market worth, now at Rs 7,07,186.89 crore.
Consumer major Hindustan Unilever Ltd (HUL) also came under pressure, with a market capitalisation loss of Rs 16,388.4 crore, now standing at Rs 5,44,893.71 crore. Bharti Airtel’s valuation decreased by Rs 15,481.22 crore to Rs 10,50,413.33 crore, while Life Insurance Corporation of India (LIC) saw an erosion of Rs 13,693.62 crore, taking its mcap to Rs 5,93,379.66 crore. Bajaj Finance too recorded a decline of Rs 2,417.36 crore, now valued at Rs 5,80,052.09 crore.
In contrast, Tata Consultancy Services (TCS) and Infosys defied the trend, registering gains in their market valuation. TCS added Rs 22,215.06 crore, pushing its mcap to Rs 12,47,190.95 crore. Infosys increased its market worth by Rs 15,578.3 crore, now at Rs 6,65,318.03 crore.
Despite the losses, Reliance Industries continued to lead the mcap leaderboard, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance, and HUL.
(With PTI Inputs)
