New Delhi: The combined market capitalisation of nine out of the top-10 most valued companies in India fell sharply by Rs 2.51 lakh crore last week, reflecting the weak mood in the stock market. Reliance Industries emerged as the biggest loser as heavy selling pressure hit frontline stocks.
Markets under strong selling pressure
Indian equity markets witnessed a sharp fall last week. The BSE Sensex crashed 2,032.65 points, or 2.43 per cent, as investors turned cautious amid global and domestic concerns.
Market experts said the sell-off was driven by weak global cues, continuous selling by foreign investors, a falling rupee, and muted corporate earnings.
Reliance takes biggest hit
Among the top companies, Reliance Industries suffered the most. Its market value declined by Rs 96,960 crore, bringing its total valuation down to Rs 18.75 lakh crore.
Banking and IT majors also decline
Other heavyweights also saw sharp losses. ICICI Bank’s market capitalisation dropped by Rs 48,645 crore, while HDFC Bank lost Rs 22,923 crore in valuation.
Bharti Airtel saw its market value fall by Rs 17,534 crore, and Tata Consultancy Services (TCS) lost Rs 16,589 crore.
Infrastructure, finance stocks under pressure
Engineering major Larsen & Toubro saw its valuation decline by Rs 15,248 crore. Bajaj Finance lost Rs 14,094 crore, while State Bank of India (SBI) saw a fall of Rs 11,908 crore in its market capitalisation.
Infosys down, HUL gains
IT major Infosys also faced selling pressure, with its market value falling by Rs 7,811 crore.
In contrast, Hindustan Unilever was the only company among the top-10 to post gains. Its market value rose by Rs 12,312 crore, offering some relief to investors.
Top-10 ranking remains unchanged
Despite the sharp correction, Reliance Industries continued to be the most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro.
