Market cap of India's top 7 companies plunge by ₹88,635cr
What's the story
The combined market capitalization of seven out of the top 10 most valuable companies in India has declined by ₹88,635 crore. The decline was led by Bharti Airtel and Tata Consultancy Services (TCS), mirroring the overall trend in equities during a holiday-shortened last week. The BSE benchmark index fell by 722.43 points or 0.86%, while Nifty dropped by 229.8 points or 0.89%.
Valuation drop
Major declines in market capitalization
Bharti Airtel's market capitalization plummeted by ₹30,506 crore to ₹11,41,048 crore. TCS also witnessed a major decline in its valuation by ₹23,680 crore, bringing it down to ₹10,82,658 crore. Other companies that saw their valuations erode include Hindustan Unilever (down ₹12,253 crore), Reliance Industries (down ₹11,164 crore), HDFC Bank (down ₹7,303 crore), and Infosys (down ₹2,139). ICICI Bank's market capitalization also took a hit, declining by ₹1,587 crore to ₹9,59,540 crore.
Market resilience
LIC and SBI buck the trend
While many top companies saw their valuations decline, Life Insurance Corporation of India (LIC) and State Bank of India (SBI) managed to buck the trend. LIC's market capitalization rose by ₹18,469 crore to ₹5,84,366 crore. SBI's valuation also jumped by ₹17,492 crore to ₹8,82,400 crore.