Market cap of India's top 10 firms down ₹2.99L crore
What's the story
The combined market capitalization of India's top 10 most valued companies took a massive hit last week, plummeting by ₹2.99 lakh crore. The decline was largely in line with a bearish trend in equities and was led by IT giant Tata Consultancy Services (TCS), which saw the biggest hit. The BSE benchmark index also fell sharply during this period, losing 2,199.77 points or 2.66%.
Valuation drop
TCS, Reliance, Infosys suffer major decline in valuation
Among the top 10 companies, TCS suffered the biggest hit with its market capitalization falling by ₹97,597.91 crore to ₹10,49,281.56 crore. Reliance Industries saw a major decline in its valuation by ₹40,462.09 crore to ₹18,64,436.42 crore during this period. Infosys's market capitalization also took a hit with a loss of ₹38,095.78 crore from its previous value of ₹6,01,805.25 crore.
Banking sector
HDFC Bank, ICICI Bank see major hit
The market capitalization of HDFC Bank and ICICI Bank also took a hit during this period. HDFC Bank's market cap tanked by ₹33,032.97 crore to ₹14,51,783.29 crore, while ICICI Bank's valuation dived by ₹29,646.78 crore to ₹9,72,007.68 crore. Bharti Airtel's valuation fell by ₹26,030.11 crore during this period, while Life Insurance Corporation of India's (LIC) market cap diminished by ₹13,693.62 crore to ₹5,51,919.30 crore.
Additional losses
SBI, Bajaj Finance among other companies to take a hit
Hindustan Unilever's market cap also took a hit, dropping by ₹11,278.04 crore to ₹5,89,947.12 crore at the time of writing. Bajaj Finance's valuation saw a decline of ₹4,977.99 crore from its previous value of ₹6,12,914.73 crore. Finally, the State Bank of India's (SBI) market valuation dipped by ₹4,846.07 crore to ₹7,91,063.93 crore at the time of writing.