Market cap of India's top 8 firms down ₹2L crore
Eight of India's top 10 most valued companies, saw a significant decrease in their combined market valuation last week. The total loss amounted to ₹2,01,699.77 crore, with Reliance Industries and Tata Consultancy Services (TCS) being the hardest hit. This decline aligns with the broader weak trends observed in equities during the same period.
Reliance Industries and TCS suffer significant losses
Reliance Industries, India's most valued firm, experienced a substantial decrease in its market valuation. The company's worth fell by ₹60,824.68 crore to ₹19,82,282.42 crore last week. TCS also faced a significant loss with its market valuation dropping by ₹34,136.66 crore to ₹16,12,762.51 crore during the same period.
SBI and Bharti Airtel witness valuation decline
State Bank of India (SBI) and Bharti Airtel also experienced a decrease in their market valuations last week. SBI's valuation dropped by ₹29,495.84 crore to ₹6,98,440.13 crore, while Bharti Airtel's worth diminished by ₹28,379.54 crore to ₹8,76,207.58 crore during the same period.
Infosys, LIC, ICICI Bank, and ITC also face losses
Infosys saw its market capitalization (mcap) drop by ₹17,061.44 crore to ₹7,89,819.06 crore last week. Life Insurance Corporation of India's (LIC) mcap eroded by ₹16,381.74 crore to ₹6,57,009.14 crore during the same period. ICICI Bank's mcap declined by ₹15,169.76 crore to ₹8,51,204.65 crore, while ITC's mcap was down by a relatively modest amount of ₹250.11 crore to ₹6,27,337.65 crore last week.
HUL and HDFC Bank buck the trend
In contrast to the overall market downturn, Hindustan Unilever (HUL) and HDFC Bank managed to increase their market valuations last week. HUL added ₹14,179.78 crore to its market valuation, taking it up to ₹6,66,919.73 crore. Similarly, HDFC Bank's mcap climbed by ₹3,735.35 crore reaching a total of ₹12,47,941.78 crore during the same period despite weak trends in equities market.
