Top 8 Indian firms lose ₹1.65L crore in market valuation
What's the story
Eight of India's top 10 most valued firms saw a massive drop in their cumulative market valuation last week, losing ₹1.65 lakh crore in total.
The financial loss is in line with the bearish trend seen in the equity market during the week.
The BSE benchmark Sensex fell 628.15 points or 0.82%, while Nifty dropped 133.35 points or 0.58%.
Major hit
TCS suffers largest market valuation loss
Tata Consultancy Services (TCS) took the biggest hit in this financial slump, as its market valuation fell by ₹53,185.89 crore to ₹13,69,717.48 crore.
This massive loss makes TCS the most affected firm by the bearish equity trends of last week.
However, despite this loss, TCS continues to be one of India's most valued firms in terms of market capitalization.
Financial fallout
HUL and Infosys witness erosion
Hindustan Unilever (HUL) witnessed its market valuation plummet by ₹17,962.62 crore to ₹5,26,684.38 crore.
Infosys also witnessed a major blow to its market cap, losing ₹17,086.61 crore to settle at ₹7,53,700.15 crore.
Bharti Airtel's market capitalization suffered a huge blow, falling by ₹44,407.77 crore to finish at ₹9,34,223.77 crore. Likewise, ICICI Bank's valuation declined by ₹18,235.45 crore to end at ₹8,70,579.68 crore.
Additional losses
ITC and HDFC Bank also affected by market downturn
ITC's market capitalization eroded by ₹11,949.42 crore to ₹5,01,750.43 crore, while HDFC Bank's valuation diminished by ₹2,555.53 crore to ₹12,94,152.82 crore.
The State Bank of India (SBI) also saw its valuation decline by ₹401.61 crore to ₹6,43,955.96 crore last week, amid the bearish equity trends that swept across the Indian financial landscape.
Market resilience
Reliance Industries and Bajaj Finance buck the trend
Among the widespread losses, two companies managed to buck the trend.
Reliance Industries's market capitalization rose by ₹14,547.3 crore to ₹16,61,369.42 crore last week.
Bajaj Finance also saw an increase in its market capitalization by ₹384.33 crore to ₹5,20,466.75 crore during this period of financial turbulence in India's equity market.