Market cap of India's top 7 firms down ₹1.75L crore
What's the story
The combined market capitalization of seven out of the top 10 most valued companies in India, including Reliance Industries and HDFC Bank, fell by a whopping ₹1.75 lakh crore last week. The decline is in line with a weak trend in equities and was led by Reliance Industries's market cap erosion of over ₹89,000 crore. The Sensex fell by 949 points or 1.27%, while the Nifty tanked 295 points or 1.27% during the same time.
Market impact
Reliance Industries down ₹89,720.3 cr
Reliance Industries' market capitalization took the biggest hit last week, falling by ₹89,720.3 crore to ₹18,24,515.62 crore. HDFC Bank's valuation also took a major hit as it fell by ₹37,248.59 crore to ₹11,64,018.69 crore, while SBI lost ₹35,399.42 crore from its market valuation of ₹9,41,569.15 crore at the end of last week.
Valuation drop
ICICI Bank and Bharti Airtel fall
Other top firms that witnessed a drop in their market capitalization include ICICI Bank and Bharti Airtel. The former's valuation fell by ₹8,121.76 crore to ₹8,83,551.30 crore, while the latter's valuation declined by ₹2,480.42 crore to ₹10,50,413.33 crore. Hindustan Unilever's market cap diminished by ₹2,091.13 crore to ₹4,87,540.19 crore, while TCS's dipped slightly by ₹271.35 crore to ₹8,64,668.65 crore during this period of volatility.
Valuation increase
L&T, Bajaj Finance, and Infosys rise
Despite the overall decline, some companies did witness an increase in their market capitalization last week. Larsen & Toubro's valuation surged by ₹18,051.68 crore to ₹4,90,536.19 crore, while Bajaj Finance's jumped even higher by ₹8,680.36 crore taking its total valuation up to ₹5,25,395.48 crore. Infosys also added a decent amount of ₹6,245.3 crore bringing its total valuation up to ₹5 lakh+ mark.