Market cap of India's top 7 firms down ₹1.13L crore
What's the story
The combined market capitalization of seven out of the top 10 most-valued companies in India fell by ₹1.13 lakh crore last week. The decline was led by Bharti Airtel and Reliance Industries, amid a bearish trend in equities. The Sensex fell 276.32 points or 0.35%, while Nifty fell by 76.35 points or 0.31%.
Market impact
Bharti Airtel, Reliance Industries lead losses
Along with Bharti Airtel and Reliance Industries, HDFC Bank, Bajaj Finance, Larsen & Toubro (L&T), LIC and Hindustan Unilever also witnessed a fall in their market valuation.
Bharti Airtel's valuation fell by ₹40,500.85 crore to end at ₹11,74,462.30 crore, while Reliance Industries's valuation fell by ₹40,056.32 crore to ₹17,38,119.27 crore.
Valuation drop
Other companies that witnessed a fall in valuation
HDFC Bank's market valuation fell by ₹11,558.35 crore to ₹11,09,600.70 crore, while Bajaj Finance's fell by ₹10,086.05 crore to ₹6,70,535.57 crore.
L&T's market capitalization fell by ₹6,473.45 crore to ₹5,55,987.49 crore, and LIC's dipped by ₹3,162.5 crore to ₹5,32,817.81 crore.
Hindustan Unilever's market cap also fell marginally by about ₹1,550.73 crore in the same period under review.
Market gainers
TCS, ICICI Bank gain
On a positive note, Tata Consultancy Services (TCS) and ICICI Bank witnessed an increase in their market capitalization.
TCS's market cap surged by ₹16,643.2 crore to ₹8,48,079.71 crore, while ICICI Bank's valuation rose by ₹4,475.28 crore to ₹10,22,805.73 crore.
State Bank of India's valuation also increased marginally by about ₹599.99 crore during this period under review.