Market cap of India's top 9 companies plunges ₹2L crore
What's the story
Nine of India's top 10 most valued companies have witnessed a massive erosion in their market valuation last week. The total loss stands at an eye-watering ₹2,09,952.26 crore. The fall is in line with the weak trends of equities during the same period. Hindustan Unilever and Reliance Industries Limited (RIL) were among the worst affected by the market crash.
Major losses
HUL and RIL bear the brunt of market downturn
Hindustan Unilever's market valuation took a massive hit of ₹44,195.81 crore, taking its total value to ₹5,93,870.94 crore. Reliance Industries Limited (RIL) also witnessed a major fall in its valuation by ₹41,994.54 crore, taking its total worth to ₹17,96,726.60 crore.
Additional declines
SBI and Bharti Airtel's valuations take a hit
The State Bank of India (SBI) also witnessed a massive hit to its market valuation last week. The bank's worth fell by ₹35,117.72 crore to ₹6,96,655.84 crore. Bharti Airtel also witnessed its market valuation fall by ₹24,108.72 crore to ₹9,47,598.89 crore during the same period. These declines further highlight the tough market conditions faced by India's top companies last week.
Tech tumble
TCS, LIC, and Infosys witness drop
Tata Consultancy Services (TCS) witnessed its market capitalization decline by ₹23,137.67 crore to ₹14,68,183.73 crore last week. The Life Insurance Corporation of India (LIC) also witnessed a dip in its valuation by ₹19,797.24 crore to ₹5,71,621.67 crore during the period. Infosys's market worth fell by ₹10,629.49 crore to ₹7,69,496.61 crore last week.
Banking blues
ITC and ICICI Bank also face decline
ITC's market capitalization declined last week by ₹5,690.96 crore to ₹6,02,991.33 crore. ICICI Bank's market worth also went down by ₹5,280.11 crore to ₹8,84,911.27 crore during the same period. These losses contribute to the overall decline in market valuations of nine of India's top 10 most valued companies last week.
Lone survivor
HDFC Bank emerges as sole winner
Amid the overall market slump, HDFC Bank was the only company among India's top 10 most valued firms to witness a rise in its market valuation. The bank's market worth increased by ₹46,891.13 crore to ₹13,29,739.43 crore during the period.