Market cap of top Indian firms plummets by ₹1.73L crore
Last week, six of the top-10 most valued companies in India, experienced a drop in their combined market valuation, with a total loss amounting to ₹1,73,097.59 crore. The major contributors to this downward trend were HDFC Bank and the Life Insurance Corporation of India (LIC). Both companies suffered huge losses in line with weak equities, causing a considerable impact on their overall market value.
HDFC Bank and LIC bore the brunt
HDFC Bank's market valuation saw a significant slump, with a loss of ₹60,678.26 crore, reducing its total value to ₹10,93,026.58 crore. Similarly, LIC's valuation took a hit of ₹43,168.1 crore, bringing its new total to ₹5,76,049.17 crore.
Other top firms experiencing valuation decline
Reliance Industries, ICICI Bank, State Bank of India (SBI), and ITC also faced a significant drop in their market valuations. Reliance Industries' valuation dropped by ₹36,094.96 crore to ₹19,04,643.44 crore. However, it remained the most valued firm. ICICI Bank's market capitalization declined by ₹17,567.94 crore to ₹7,84,833.83 crore, while SBI's valuation went lower by ₹11,780.49 crore to ₹7,30,345.62 crore. ITC's valuation dipped by ₹3,807.84 crore, to a new total of ₹5,40,838.13 crore.
Some companies reversed the trend with gains
Despite the overall market decline, some firms managed to increase their market capitalization. Hindustan Unilever's market capitalization climbed by ₹33,270.22 crore to reach a new high of ₹5,53,822.16 crore. Tata Consultancy Services (TCS) added an impressive ₹20,442.2 crore to its valuation, taking it to ₹14,09,552.63 crore. Bharti Airtel's market cap rallied by ₹14,653.98 crore to ₹7,38,424.68 crore, and Infosys saw an increase of ₹3,611.26 crore to its total value of ₹5,91,560.88 crore.
