Mumbai: The combined market value of six out of India’s top-10 most valued companies fell sharply by Rs 64,734 crore last week. The decline came during a holiday-shortened trading week, reflecting overall weakness in the stock market.
Benchmark indices also slipped. The BSE Sensex fell 263.67 points (0.35%), while the NSE Nifty dropped 106.5 points (0.46 percent).
Bharti Airtel Takes the Biggest Hit
Among the losers, Bharti Airtel saw the biggest fall in market valuation. Its market cap dropped by nearly Rs 29,993 crore, bringing its total value to around Rs 10.2 lakh crore.
Other major companies also faced losses:
- ICICI Bank lost about Rs 12,845 crore
- Bajaj Finance declined by Rs 11,169 crore
- HDFC Bank fell by Rs 7,822 crore
- Hindustan Unilever slipped by Rs 2,349 crore
- State Bank of India saw a minor drop of Rs 553 crore
Some Companies See Gains
Despite the overall decline, a few companies managed to gain in market valuation.
Tata Consultancy Services added Rs 22,359 crore, while Infosys gained Rs 12,374 crore. Larsen & Toubro also rose by Rs 6,575 crore.
Reliance Industries increased its value by Rs 3,518 crore and remained India’s most valued company.
Why Markets Remained Under Pressure
Experts say the market has been under pressure for several reasons. According to Ajit Mishra, markets declined for the sixth straight week due to global and domestic uncertainties.
Key reasons include:
- Rising tensions between the US and Iran
- Increase in crude oil prices
- Continuous foreign investor selling
- Weakness in the Indian rupee
- Concerns about inflation
Although there was some recovery mid-week due to easing tensions and softer oil prices, volatility remained high.
Ranking of Top Firms
At the end of the week, Reliance Industries retained its position as the most valued firm, followed by HDFC Bank and Bharti Airtel.
