4 top Indian firms lose ₹1.25L crore in market valuation
What's the story
Four of India's most valued companies, including Reliance Industries, saw their combined market valuation plummet by a whopping ₹1.25 lakh crore last week. The loss highlights the weak investor sentiment on Dalal Street. The decline came as the BSE benchmark index Sensex dipped by 428.87 points or 0.55%, and Nifty fell by 111 points or 0.47% during the same period.
Major loss
Reliance Industries suffers biggest hit
Reliance Industries took the biggest hit in this market crash, with its valuation crashing by ₹74,969.35 crore to ₹16,85,998.34 crore. The Life Insurance Corporation of India (LICI) also saw a major dip in its valuation by ₹21,251.99 crore to ₹5,19,472.06 crore. State Bank of India and ICICI Bank weren't spared either as their valuations fell by ₹17,626.13 crore and ₹11,549.98 crore respectively.
Market gains
Some firms witness surge
Despite the overall downward trend, some companies managed to buck the trend and increase their market capitalization. Infosys led this group with a significant surge of ₹24,934.38 crore, taking its total valuation to ₹7,78,612.76 crore. HDFC Bank also saw an increase in its valuation by ₹9,828.08 crore, while Bharti Airtel's market cap jumped by ₹9,398.89 crore during this period of market volatility.
Continued growth
TCS and other firms also see market cap rise
Tata Consultancy Services (TCS) witnessed its market capitalization rise by ₹9,262.3 crore to ₹15,01,976.67 crore. Hindustan Unilever and ITC weren't far behind in this rally as their valuations jumped ₹3,442.15 crore and ₹1,689.08 crore respectively.