India's top 6 companies lose ₹1.71L crore in market value
What's the story
Six of India's 10 most valued companies saw a massive decline in their combined market valuation last week. They lost a whopping ₹1.71 lakh crore, with IT giants Infosys and Tata Consultancy Services (TCS) taking the biggest hit. The financial loss came as the BSE benchmark Sensex fell 0.98%, losing 759.58 points, and Nifty fell 0.97%, shedding 228.3 points, in the same period.
Major loss
Infosys suffers most decline
Infosys witnessed the biggest market valuation loss among the top 10 firms, falling by ₹62,948.4 crore to ₹7,53,678.38 crore. The loss was mainly attributed to a nearly 6% plunge in Infosys shares on Friday after the announcement of third-quarter earnings. The Murthy family's net worth also took a hit as they hold a 4.02% stake in Infosys, losing an estimated ₹1,900 crore.
Market impact
TCS and other top firms witness market valuation erosion
TCS also witnessed a major market cap erosion, losing ₹50,598.95 crore to ₹14,92,714.37 crore. Other companies that saw their market valuations erode include HDFC Bank (down by ₹15,640.8 crore), ICICI Bank (down by ₹16,005.84 crore), Hindustan Unilever (down by ₹20,605.92 crore), and ITC (down by ₹5,880.51 crore).
Market gainers
Some firms see market valuation surge
Despite the overall market valuation decline, a few companies witnessed their valuations surge. Reliance Industries led the pack with a surge of ₹79,773.34 crore to ₹17,60,967.69 crore. Other gainers included State Bank of India (up by ₹18,697.08 crore), Life Insurance Corporation of India (up ₹9,993.5 crore), and Bharti Airtel (up by ₹7,080.98 crore).