Mumbai: A steep fall in the stock market this week led to a major drop in the market value of India’s top companies. The combined market capitalisation of the country’s 10 most valued firms declined by about ₹4.48 lakh crore.
Among the biggest losers was HDFC Bank, which saw its market valuation fall sharply during the week.
The decline came as the broader market remained under heavy pressure and investors sold stocks across several sectors.
Benchmark Indices See Big Weekly Loss
The week was particularly difficult for the stock market as benchmark indices recorded steep losses.
The BSE Sensex dropped by 4,354.98 points, or 5.51 per cent. At the same time, the Nifty 50 fell by 1,299.35 points, or 5.31 per cent.
Several factors affected investor sentiment during the week. Rising crude oil prices, worries about inflation, and the widening conflict in West Asia made investors cautious.
Because of this uncertainty, many investors preferred to sell shares and move to safer assets.
HDFC Bank Among Major Losers
The market capitalisation of HDFC Bank declined by ₹61,715.32 crore during the week.
After this fall, the bank’s total valuation stood at about ₹12.57 lakh crore.
Public sector lender State Bank of India saw the biggest decline among the top companies. Its market value dropped by ₹89,306.22 crore to ₹9.66 lakh crore.
Financial services firm Bajaj Finance also faced heavy losses, with its valuation falling by ₹59,082.49 crore.
Other Major Companies Also Hit
Several other large companies also saw their market values decline during the week.
The valuation of IT giant Tata Consultancy Services dropped by ₹53,312.52 crore.
The market capitalisation of ICICI Bank fell by ₹42,205.04 crore, while telecom company Bharti Airtel lost ₹38,688.78 crore.
Energy major Reliance Industries also saw its valuation fall by ₹33,289.88 crore, though it continued to remain the most valued company in India.
Meanwhile, the market value of Life Insurance Corporation of India, Infosys and Hindustan Unilever also declined during the week.
