Market cap of India's top 8 firms down ₹2L crore
What's the story
The combined market capitalization of eight out of the top 10 most valued companies in India fell by ₹2.07 lakh crore last week. Tata Consultancy Services (TCS) and Bharti Airtel were the major contributors to this decline. The fall comes after a dismal performance from TCS in its June quarter earnings, which disappointed investors and led to a nearly 3.5% drop in its shares on Friday.
Market impact
Airtel, RIL, and Infosys were major losers
Bharti Airtel's market capitalization witnessed a major decline, falling by ₹54,483.62 crore to ₹10,95,887.62 crore. Reliance Industries' valuation took a hit too, dropping by ₹44,048.2 crore to ₹20,22,901.67 crore last week. Infosys saw its market cap fall by ₹18,818.86 crore to ₹6,62,564.94 crore during the same period due to these developments in the Indian stock market.
Additional losses
LIC, HDFC Bank, and SBI also witnessed decline
ICICI Bank's market capitalization took a hit, falling by ₹14,556.84 crore to ₹10,14,913.73 crore. The Life Insurance Corporation of India's (LIC) valuation also fell by ₹11,954.25 crore to ₹5,83,322.91 crore. HDFC Bank's market cap declined by ₹4,370.71 crore to ₹15,20,969.01 crore, while State Bank of India's valuation fell by ₹2,989.75 crore to ₹7,21,555.53 crore.
Market gainers
HUL, Bajaj Finance were only gainers
Despite the overall market downturn, Hindustan Unilever Ltd (HUL) and Bajaj Finance managed to end the week on a positive note. HUL's valuation jumped by ₹42,363.13 crore to ₹5,92,120.49 crore after announcing Priya Nair as its first female CEO and MD. Meanwhile, Bajaj Finance's market capitalization climbed by ₹5,033.57 crore to ₹5,80,010.68 crore during this period.