Top 7 Indian companies lost ₹1.25L crore last week
What's the story
The combined market capitalization of seven out of the top 10 most valued companies in India fell by ₹1.25 lakh crore last week. Reliance Industries suffered the biggest loss amid a bearish trend in equities. The Sensex and Nifty both witnessed declines of 532.4 points (0.71%) and 181.05 points (0.76%), respectively, last week due to persistent foreign institutional investor (FII) selling pressure.
Market impact
Reliance, TCS suffered the biggest losses
Among the top 10 companies, Reliance Industries, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro (L&T), Life Insurance Corporation of India (LIC) and Hindustan Unilever saw their valuations decline. Reliance's market cap fell by ₹39,718 crore to ₹17.47 lakh crore, while TCS lost ₹20,134.66 crore from its valuation which now stands at ₹7.95 lakh crore.
Valuation drop
Airtel, L&T, LIC and Bajaj Finance also saw significant declines
Bharti Airtel's market cap fell by ₹18,736.04 crore to ₹10.96 lakh crore while L&T's valuation dropped by ₹16,880.2 crore to ₹5.43 lakh crore. LIC's market capitalization also fell by ₹14,610.74 crore to ₹5.05 lakh crore, while Bajaj Finance lost a whopping ₹9,681.36 crore from its m-cap which now stands at ₹5.53 lakh crore. Hindustan Unilever saw a decline in its valuation with a loss of over ₹5,900 crore last week alone.
Market gainers
SBI, ICICI Bank and HDFC Bank were the exceptions
State Bank of India (SBI) saw its m-cap jump by ₹12,692.09 crore to ₹9.03 lakh crore. ICICI Bank's valuation rose by ₹4,484.86 crore to ₹9.05 lakh crore, and HDFC Bank's climbed up by ₹4,101.47 crore reaching an impressive total of over ₹11 lakh crore.