Market cap of top 8 Indian firms drops ₹3L crore
What's the story
The cumulative market valuation of eight of the top 10 most valued firms in India took a major hit last week, losing ₹3,09,244.57 crore. Tata Consultancy Services (TCS) took the biggest hit, losing ₹1,09,211.97 crore in market value. The loss pushed TCS to the third position among the top-10 most valued firms as HDFC Bank jumped to the second position.
Market performance
Stock market indices reflect downward trend
The BSE Sensex and NSE Nifty, India's two key stock market indices, also reflected the decline. The BSE Sensex plunged by 2,112.96 points or 2.80%, while the NSE Nifty declined by 671.2 points or 2.94% in the same period. In February alone, the Nifty fell by 1,383.7 points or 5.88% and the Sensex lost 4,302.47 points or 5.55%.
Valuation drop
Major firms witness significant market valuation decrease
Several other major firms also witnessed a dip in their market valuation last week. Infosys's market valuation fell by ₹52,697.93 crore to ₹7,01,002.22 crore. Bharti Airtel's valuation declined by ₹39,230.1 crore to ₹8,94,993.67 crore, and Reliance Industries's valuation plummeted by ₹38,025.97 crore to ₹16,23,343.45 crore.
Market impact
Banks and consumer goods giants also affected
The State Bank of India's market value fell by ₹29,718.99 crore to ₹6,14,236.97 crore and ICICI Bank's valuation fell by ₹20,775.78 crore to ₹8,49,803.90 crore. In the consumer goods sector, Hindustan Unilever's market capitalization went down by ₹11,700.97 crore to ₹5,14,983.41 crore, while ITC's valuation declined by ₹7,882.86 crore to ₹4,93,867.57 crore.