Top 5 Indian firms lose ₹1.85L crore in valuation
What's the story
The total market capitalization of five of India's top 10 companies, including HDFC Bank, Reliance Industries, ICICI Bank, State Bank of India (SBI), and ITC, fell sharply last week. The total loss stood at ₹1.85 lakh crore, primarily due to a weak trend in domestic equities. During the week, the BSE benchmark Sensex fell 1,844.2 points or 2.32%, while Nifty fell 573.25 points or 2.38%.
Major setback
HDFC Bank suffers largest market cap loss
HDFC Bank saw the biggest hit to its market capitalization, losing ₹70,479.23 crore to close at ₹12.67 lakh crore. Other companies like ITC, SBI, Reliance Industries, and ICICI Bank also witnessed major dips in their market valuations during this period of financial turmoil.
Market fluctuation
Other top firms witness market cap erosion
ITC's market capitalization declined by ₹46,481 crore to ₹5.56 lakh crore, while SBI's valuation fell by ₹44,935.46 crore to ₹6.63 lakh crore. Reliance Industries and ICICI Bank also witnessed a loss in their market valuations last week. The former lost ₹12,179.13 crore to reach a valuation of ₹16.81 lakh crore, while the latter's valuation fell by ₹11,877.49 crore to settle at ₹8.81 lakh crore, respectively.
Market winners
TCS, HCL Tech see market cap surge
Despite the overall downward trend in the domestic equity market, some companies did manage to increase their market capitalization. Tata Consultancy Services (TCS) added ₹60,168.79 crore to its valuation, reaching ₹15.43 lakh crore after reporting an 11.95% rise in net profit for the December quarter. HCL Technologies's market cap also rose by ₹13,120.58 crore to ₹5.41 lakh crore last week.
Additional gainers
Infosys, Bharti Airtel, HUL also witnessed gains
Infosys and Bharti Airtel also gained in terms of market cap last week. The former's valuation jumped by ₹11,792.44 crore to ₹8.16 lakh crore while the latter's rose by ₹8,999.41 crore to ₹9.19 lakh crore. Hindustan Unilever (HUL) was another company to gain in market cap despite the domestic equity market's downward trend, with a ₹8,564.26 crore rise taking its valuation to ₹5.73 lakh crore.