M-cap of top firms plummet, Reliance Industries suffers major loss
What's the story
Last week, eight out of the 10 most valued companies in India, saw a significant drop in their combined market capitalization, amounting to a total loss of ₹2,08,207.93 crore. The firms that suffered the most were Reliance Industries, followed by Tata Consultancy Services (TCS), and Infosys. Other companies experiencing a decline included ITC, Life Insurance Corporation (LIC), Hindustan Unilever Ltd, Bharti Airtel, and ICICI Bank.
Major losses
Reliance, TCS, Infosys took the biggest hit
Reliance Industries experienced the most significant loss among the top 10 firms, with its market capitalization plunging by ₹67,792.23 crore to ₹19,34,717.12 crore. Tata Consultancy Services (TCS) was not far behind with a decline of ₹65,577.84 crore in its market cap, bringing it down to ₹13,27,657.21 crore. Infosys also saw a substantial decrease in its valuation, which slumped by ₹24,338.1 crore to ₹5,83,860.28 crore.
Other declines
Infosys, ITC and others also witness m-cap decline
ITC's market cap went lower by ₹12,422.29 crore to ₹5,32,036.41 crore. Additionally, the market capitalization of LIC dropped by ₹10,815.74 crore to ₹6,40,532.52 crore. HUL's valuation decreased by ₹9,680.31 crore to reach ₹5,47,149.32 crore. Bharti Airtel saw a decline in its market cap by ₹9,503.31 crore, reaching ₹7,78,335.40 crore, while ICICI Bank's valuation dipped by ₹8,078.11 crore to ₹7,87,229.71 crore.
Information
HDFC Bank and SBI buck the trend
In contrast to the overall market decline, HDFC Bank and State Bank of India (SBI) saw an increase in their market capitalization. HDFC Bank's valuation increased by ₹10,954.49 crore, reaching ₹11,64,083.85 crore. SBI saw a gain of ₹1,338.7 crore, bringing its m-cap to ₹7,40,832.04 crore.