Market cap of India's top 4 firms down ₹87,960cr
What's the story
Four of India's top 10 companies witnessed a massive erosion of ₹87,960 crore in their market capitalization last week. The decline was led by Bharti Airtel, which took the biggest hit amid a bearish trend in Indian equities. The Sensex fell by 468.42 points or 0.60%, while the Nifty fell by 114 points or 0.46% during this period.
Market impact
TCS, SBI, and Hindustan Unilever follow Bharti Airtel's lead
The market capitalization of Bharti Airtel took a major hit, falling by ₹28,052.96 crore to ₹12,14,963.15 crore.
Tata Consultancy Services (TCS) also witnessed a decline in its valuation by ₹22,070.34 crore to ₹8,31,436.51 crore.
The State Bank of India's market cap fell by ₹20,861.2 crore to ₹9,64,968.76 crore, while Hindustan Unilever's valuation dropped by ₹16,975.79 crore to ₹4,73,912.56 crore during the same period.
Market gains
LIC, Reliance Industries, HDFC Bank, and ICICI Bank see gains
Despite the overall market cap erosion among India's top companies, Life Insurance Corporation of India (LIC) witnessed a jump in its valuation by ₹12,650 crore to ₹5,35,980.31 crore.
Reliance Industries also saw its market cap surge by ₹8,119.53 crore to ₹17,78,175.59 crore during this period.
HDFC Bank's valuation rose by ₹356.95 crore taking its total market capitalization to ₹11,21,159.05 crore, while ICICI Bank added ₹752.47 crore taking its total mcap up to ₹10,18,330.45 crore last week.