Market cap of India's top 6 firms down ₹1.36L crore
What's the story
The market capitalization of six out of India's top 10 most-valued companies witnessed a massive erosion of ₹1.36 lakh crore last week. The decline was led by Reliance Industries, which took the biggest hit amid a bearish trend in equities. The BSE benchmark index Sensex, extended its losing streak for the sixth consecutive week, falling 742 points or 0.92%. Meanwhile, Nifty declined by 202 points or 0.82%.
Market impact
Companies that saw major decline
Reliance Industries' market capitalization took a major hit, falling by ₹34,710.8 crore to ₹18,51,174.59 crore. Other companies that saw their valuations decline include HDFC Bank (down ₹29,722.04 crore), ICICI Bank (down ₹24,719.45 crore), Infosys (down ₹19,504.31 crore), Bharti Airtel (down ₹15,053.55 crore) and Hindustan Unilever (down ₹12,441.09 crore).
Market stability
TCS, SBI and Bajaj Finance were among gainers
Despite the market downturn, some companies managed to hold their ground. Tata Consultancy Services (TCS) saw its valuation rise by ₹11,360.8 crore to ₹10,97,908.66 crore. State Bank of India also witnessed a surge in its valuation by ₹9,784.46 crore, while Bajaj Finance's valuation increased marginally by ₹186.43 crore during this period.