Nine of India's top 10 firms lose ₹4.75 lakh crore
Nine out of India's 10 most valuable companies experienced a significant drop in their market valuation last week, with a total loss amounting to nearly ₹4.75 lakh crore. The sharp decline was primarily driven by weak trends in the equity market and escalating tensions in the Middle East. This resulted in substantial foreign fund outflows, further exacerbating the situation.
RIL and HDFC Bank bear the brunt
Reliance Industries Limited (RIL) and HDFC Bank were the hardest hit in this market downturn. RIL's valuation dipped by ₹1,88,479.36 crore to ₹18,76,718.24 crore, while HDFC Bank's market valuation fell by ₹72,919.58 crore to ₹12,64,267.35 crore. Despite these significant losses, RIL managed to retain its position as India's most valuable firm followed by Tata Consultancy Services (TCS), HDFC Bank among others in the top 10 list.
Other top firms also experience valuation dips
The market downturn also affected other leading firms. Bharti Airtel's valuation dropped by ₹53,800.31 crore to ₹9,34,104.32 crore, and ICICI Bank's by ₹47,461.13 crore to ₹8,73,059.59 crore. Life Insurance Corporation of India (LIC) saw a decrease of ₹33,490.86 crore in its valuation which now stands at ₹6,14,125.65 crore, while Hindustan Unilever's market cap fell by ₹27,525.46 to reach 6₹69,363.31 crore.
ITC and TCS witness market cap erosion
ITC's market capitalization also took a hit, dropping by ₹24,139.66 crore to ₹6,29,695.06 crore. Tata Consultancy Services (TCS) was not immune to the market downturn either, with its valuation eroding by ₹21,690.43 crore to stand at ₹15,37,361.57 crore. These losses reflect the widespread impact of the current equity market trends on India's top firms across various sectors including technology and consumer goods.
Infosys bucks the trend
State Bank of India (SBI) also experienced a dip in its valuation by ₹5,399.39 crore to ₹7,10,934.59 crore. However, bucking the trend was Infosys which saw its market cap rise by ₹4,629.64 crore to reach ₹7,96,527.08 crore despite the overall market downturn.
