9 top firms lose ₹2.18L crore, Bharti Airtel biggest laggard
What's the story
The combined market capitalization of nine out of the top 10 most valuable companies in India fell by a whopping ₹2.18 lakh crore last week. This decline was led by Bharti Airtel, which witnessed the biggest loss amid a bearish trend in equities. The BSE benchmark index plummeted 1,527.52 points or 1.84% during the period under review.
Market trends
Only Hindustan Unilever saw gains last week
Among the top 10 companies, Hindustan Unilever was the only one to post a gain last week, adding ₹5,462.81 crore, taking its m-cap to ₹5,49,393.18 crore. The market capitalization of Bharti Airtel plummeted by ₹55,852.12 crore to ₹10,71,853.25 crore. HDFC Bank's valuation also took a hit with a decline of ₹37,580.1 crore bringing its total down to ₹13,65,659.38 crore at the end of last week.
Valuation drops
Reliance, Bajaj Finance and TCS also witnessed major drops
Reliance Industries's market capitalization also witnessed a major drop, falling by ₹34,846.12 crore to ₹18,86,832.66 crore. Bajaj Finance wasn't spared either as its valuation tanked by ₹20,316.41 crore bringing it down to ₹6,20,070.59 crore at the end of last week. Tata Consultancy Services (TCS) also saw its market cap slump by ₹18,180.89 crore to settle at ₹9,53,872.59 crore during this period under review.
Valuation declines
LIC, L&T, SBI and ICICI Bank also took a hit
The Life Insurance Corporation of India (LIC) also witnessed a dip in its market capitalization by ₹14,990.24 crore to ₹5,37,213.68 crore. Larsen & Toubro's valuation also fell by ₹13,714.85 crore bringing it down to ₹5,88,837.39 crore at the end of last week. State Bank of India (SBI) saw its market cap decline by ₹13,061.33 crore while ICICI Bank's valuation dipped by ₹10,360.03 crore during this period under review.