New Delhi: Eight of India's 10 most valuable companies witnessed a combined erosion of Rs 1.55 lakh crore in market capitalisation last week, as weak stock market sentiment dragged down major stocks. HDFC Bank and Bajaj Finance suffered the biggest losses, while Tata Consultancy Services (TCS) and Larsen & Toubro (L&T) managed to register gains.
Sensex, Nifty Fall Sharply
The Indian stock market remained under pressure during the holiday-shortened trading week. The BSE Sensex declined 1,605.44 points, or 2.15 per cent, while the NSE Nifty dropped 546.15 points, or 2.36 percent.
The total market capitalisation of BSE-listed companies fell by Rs 20.79 lakh crore across four trading sessions, reaching Rs 4,51,83,393.14 crore from Rs 4,72,62,167.42 crore on October 16.
HDFC Bank, Bajaj Finance Lead Losses
HDFC Bank emerged as the biggest laggard, losing Rs 55,506.95 crore in market valuation. Its market capitalisation declined to Rs 10,67,121.12 crore after the stock fell 5 per cent during the week.
Bajaj Finance followed with a valuation loss of Rs 34,180.51 crore, bringing its market capitalisation down to Rs 5,77,146.21 crore.
Reliance Industries lost Rs 27,065.08 crore, while Life Insurance Corporation of India (LIC) witnessed an erosion of Rs 21,062.24 crore.
Other Major Companies Face Pressure
Bharti Airtel's market valuation declined by Rs 9,360.75 crore, while State Bank of India lost Rs 4,338.46 crore.
Infosys recorded a decline of Rs 2,881.38 crore, whereas ICICI Bank's valuation slipped by Rs 1,276.53 crore.
Together, these eight companies lost Rs 1,55,671.90 crore in market capitalisation.
TCS, L&T Buck The Trend
Despite widespread selling pressure, TCS gained Rs 23,517.56 crore in valuation, taking its market capitalisation to Rs 9,14,652.52 crore.
L&T also registered gains of Rs 1,788.66 crore, reaching Rs 5,01,513.72 crore.
Reliance Industries retained its position as India's most valuable listed company, followed by Bharti Airtel and HDFC Bank. ICICI Bank and TCS completed the top five.
