Top 8 Indian firms lose ₹1.7L crore in market cap
Eight of India's top 10 most valued companies witnessed a massive loss in market capitalization last week. The total loss stood at nearly ₹1,65,180.04 crore. The financial blow came mainly due to rising consumer price index (CPI) inflation and continued disappointments in corporate earnings. HDFC Bank and State Bank of India were among the worst hit by this slump.
HDFC Bank and SBI bear the brunt
HDFC Bank's market valuation fell by ₹46,729.51 crore to ₹12,94,025.23 crore last week. State Bank of India also saw a massive decline in its market valuation, which fell by ₹34,984.51 crore to ₹7,17,584.07 crore in the same period. These losses are in line with a broader weak trend in equities last week, when BSE benchmark Sensex fell by 1,906.01 points or 2.39%.
Other top firms also suffer losses
Other major companies also witnessed huge losses last week. Hindustan Unilever's market valuation dropped ₹27,830.91 crore to ₹5,61,329.10 crore, while Reliance Industries's market cap fell ₹22,057.77 crore to ₹17,15,498.91 crore. ITC's market cap fell ₹15,449.47 crore to ₹5,82,764.02 crore, and Bharti Airtel's valuation fell ₹11,215.87 crore to ₹8,82,808.73 crore last week.
LIC and ICICI Bank also witness valuation dips
Life Insurance Corporation of India (LIC) and ICICI Bank weren't spared by the market downturn either. LIC's market cap fell by ₹4,079.62 crore to ₹5,74,499.54 crore last week. Meanwhile, ICICI Bank's valuation fell by ₹2,832.38 crore to ₹8,85,599.68 crore during the same period, due to the weak trend in equities and rising inflation concerns among investors.
Infosys and TCS buck the trend
Despite the overall market downturn, two companies in India were able to increase their market capitalization last week. Infosys saw its market cap climb by ₹13,681.37 crore to end at ₹7,73,962.50 crore. Tata Consultancy Services (TCS) also added ₹416.08 crore in its market cap, to reach a total of ₹15,00,113.36 crore.
