Market turbulence wipes out ₹1.66L crore from top Indian firms
The past week has been marked by significant market volatility, resulting in a substantial decrease in the combined market valuation of India's leading companies. Eight out of the country's top 10 firms experienced a collective loss of ₹1.66 lakh crore in their value. This downward trend was also reflected in the BSE benchmark index, which fell by 1,276.04 points or 1.57%.
Reliance Industries and LIC bear brunt of market downturn
Reliance Industries and Life Insurance Corporation of India (LIC) were among the hardest hit by this market downturn. The market capitalization of Reliance Industries dropped by ₹33,930.56 crore to ₹19,94,765.01 crore, while LIC's valuation dipped by ₹30,676.24 crore to ₹7,17,001.74 crore. Despite these significant losses, both companies managed to maintain their positions in the list of India's most valuable firms by market capitalization.
SBI, Infosys, and TCS also face significant market capitalization declines
The State Bank of India (SBI), Infosys, and Tata Consultancy Services (TCS) also faced substantial decreases in their market capitalizations. SBI's market value fell by ₹21,151.33 crore to a total of ₹7,35,566.52 crore. Infosys and TCS saw declines of ₹20,973.19 crore and ₹19,157.77 crore respectively, with their valuations now standing at ₹7,35,277.28 crore for Infosys and ₹15,30,469.11 crore for TCS.
Bharti Airtel, ICICI Bank, and HDFC Bank suffer valuation erosion
Bharti Airtel and ICICI Bank were not immune to the market downturn either. Their market caps fell by ₹16,993.56 crore and ₹16,975.55 crore respectively, with Bharti Airtel's valuation now at ₹8,33,396.32 crore while ICICI Bank's stands at ₹8,25,201.23 crore. HDFC Bank also experienced a dip in its valuation by ₹7,095.87 crore, bringing its total to ₹12,56,505.53 crore.
Hindustan Unilever and ITC defy market downturn
In contrast to the overall market downturn, Hindustan Unilever and ITC managed to increase their market caps. Hindustan Unilever's market cap rose by ₹12,946.24 crore to ₹6,45,808.65 crore, while ITC's valuation increased by ₹8,406.26 crore to ₹6,19,829.37 crore.
