India's top 7 firms lose ₹1.22L crore in market valuation
Last week, seven of India's top 10 most valued firms saw a massive dip in their combined market valuation. The total loss was over ₹1.22 lakh crore, with Tata Consultancy Services (TCS) and Reliance Industries leading the fall. The decline came as the BSE benchmark fell by 307.09 points or 0.37%, closing at 81,381.36 points on Friday.
TCS and Reliance Industries witness significant valuation drops
TCS, the top IT services company, witnessed its market valuation crash by ₹35,638.16 crore to ₹15,01,723.41 crore. Meanwhile, Reliance Industries saw its market capitalization fall by ₹21,351.71 crore to ₹18,55,366.53 crore. Despite these losses, Reliance Industries remains the most valued domestic firm in India, followed by TCS and HDFC Bank.
Other top firms also face valuation declines
Other major companies also witnessed massive erosion in their market valuations. ITC's market capitalization declined by ₹18,761.4 crore to ₹6,10,933.66 crore, while Hindustan Unilever's valuation fell by ₹16,047.71 crore to ₹6,53,315.60 crore. Life Insurance Corporation of India (LIC) and ICICI Bank weren't spared either with their market capitalizations eroding by ₹13,946.62 crore and ₹11,363.35 crore respectively, bringing them down to ₹6,00,179.03 crore and ₹8,61,696.24 crore respectively.
Bharti Airtel, Infosys, and SBI defy market trend
In stark contrast to the overall market trend, three companies managed to up their valuations. Bharti Airtel added ₹26,330.84 crore to its market valuation taking it to ₹9,60,435.16 crore. Infosys also witnessed an uptick in its market cap by ₹6,913.33 crore taking it to ₹8,03,440.41 crore. State Bank of India (SBI) followed suit with an increase in its market cap by ₹3,034.36 crore, taking it to a new high at ₹7,13,968.95 crore.
