Mumbai: India’s equity markets witnessed heavy selling pressure last week, leading to a sharp fall in the combined market valuation of nine out of the country’s top-10 most valued companies. Together, these firms lost Rs 2,18,902 crore in investor wealth.
The decline came as the benchmark BSE Sensex fell by 1,527.52 points, or 1.84 per cent, during the week. Analysts said rising geopolitical tensions and weakness in technology stocks affected overall investor sentiment.
According to market experts, uncertainty in global markets made investors cautious, resulting in profit booking across several large-cap stocks.
Bharti Airtel suffers biggest decline
Among the top companies, Bharti Airtel recorded the biggest fall in market valuation. The company’s market capitalisation dropped by Rs 55,852 crore, taking its total valuation to about Rs 10.71 lakh crore.
Banking major HDFC Bank also saw a sharp erosion of Rs 37,580 crore, while India’s most valued firm Reliance Industries lost Rs 34,846 crore in market value.
Other major losers included Bajaj Finance, whose valuation declined by over Rs 20,316 crore, and IT giant Tata Consultancy Services, which saw its market capitalisation fall by Rs 18,180 crore.
Banks, infra and insurance stocks also under pressure
The valuation of Life Insurance Corporation of India dropped by nearly Rs 14,990 crore, while engineering major Larsen & Toubro lost Rs 13,714 crore.
Public sector lender State Bank of India and private lender ICICI Bank also witnessed declines in their market valuations during the week.
Hindustan Unilever emerges as sole gainer
In contrast to the broader market weakness, FMCG major Hindustan Unilever was the only company among the top-10 pack to register gains. Its market valuation increased by Rs 5,462 crore, reflecting defensive buying in consumption stocks.
Despite the weekly decline, Reliance Industries continued to remain India’s most valued company, followed by HDFC Bank and State Bank of India. Analysts expect market movement to remain volatile in the near term amid global uncertainties and investor caution.
