Market cap of India's top 8 firms down ₹2.24L crore
What's the story
The combined market capitalization of eight out of the top 10 most valued companies in India has witnessed a massive erosion of ₹2,24,630.45 crore last week. The decline was led by Reliance Industries and HDFC Bank, mirroring a bearish trend in the equity markets. The BSE benchmark index (Sensex) fell by 1,497.2 points or 1.84% during this period.
Valuation drop
Reliance, HDFC Bank lead losses
Reliance's market cap fell by ₹70,707.17 crore to ₹18,36,424.20 crore, while HDFC Bank's valuation dropped by ₹47,482.49 crore to ₹14,60,863.90 crore last week. Other companies that witnessed a decline in their market valuations include ICICI Bank (down ₹27,135.23 crore), Bharti Airtel (down ₹24,946.71 crore), and LIC (down ₹23,655.49 crore). SBI (down ₹12,692.1 crore), Bajaj Finance (down ₹10,471.08 crore) and Infosys (down by ₹7,540.18 crore) were also losers.
Market gainers
TCS, Hindustan Unilever bucked the trend
Unlike their peers, Tata Consultancy Services (TCS) and Hindustan Unilever managed to defy the market downturn. TCS's market valuation jumped by ₹11,125.62 crore to ₹11,15,962.91 crore, while Hindustan Unilever's mcap climbed by ₹7,318.98 crore to ₹6,24,991.28 crore last week alone. To note, Reliance Industries continues to hold its position as the most valuable company with a market cap of over ₹18 lakh crore.