India's top 8 companies lose ₹1.28L crore in market cap
What's the story
Eight of India's top 10 most valued firms, witnessed a significant drop in their market capitalization (mcap) last week, resulting in a combined loss of ₹1.28 lakh crore.
This downturn was primarily led by IT behemoths Tata Consultancy Services (TCS) and Infosys, amid a weak trend in equities.
TCS experienced the largest decrease among these firms, with its valuation falling by ₹37,971.83 crore to ₹15.5 lakh crore.
Market downturn
Infosys, ITC, and SBI down
Infosys trailed TCS in the market downturn, with its mcap plunging by ₹23,811.88 crore to ₹7.56 lakh crore.
Other companies that faced a decrease in their market valuations include ITC and State Bank of India (SBI).
ITC's mcap dipped by ₹16,619.51 crore to ₹6.11 lakh crore, while SBI's valuation fell by ₹13,431.54 crore to ₹7.57 lakh crore last week amid weak equities trend.
Valuation dip
Reliance Industries, Bharti Airtel, and ICICI Bank witness valuation dips
Reliance Industries Limited (RIL) also saw a decrease in its valuation by ₹13,125.49 crore to ₹20.29 lakh crore last week.
Bharti Airtel's market valuation dipped by ₹11,821.5 crore to ₹8.50 lakh crore, and ICICI Bank's mcap reduced by ₹7,843.75 crore to ₹8.42 lakh crore during the same period.
Hindustan Unilever also experienced a decrease in its valuation by ₹4,288 crore to ₹6.33 lakh crore last week.
Mixed results
HDFC Bank and LIC see growth
However, not all top firms faced a decline during this period. HDFC Bank's mcap rose by ₹32,759.37 crore to ₹12.64 lakh crore, and the valuation of Life Insurance Corporation of India (LIC) increased by ₹1,075.25 crore to ₹7.48 lakh crore last week.
Market overview
BSE benchmark and top firms' rankings
The BSE benchmark fell by 350.77 points or 0.43% last week, reflecting the overall market downturn.
Despite this slump, Reliance Industries managed to retain its position as the most valued firm in India.
The list of top companies following RIL includes TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India (SBI), Infosys, LIC, Hindustan Unilever and ITC in that order.