Top 8 Indian firms lose ₹1.6L crore in market value
What's the story
The total market capitalization of eight of India's top 10 most valuable companies witnessed a massive decline last week, losing a whopping ₹1.60 lakh crore.
Reliance Industries was the biggest contributor to the loss amid a general market decline.
The BSE benchmark Sensex also fell by 1,047.52 points or 1.30% during the same period.
Market shifts
Market cap losses and gains among top firms
Along with Reliance Industries, several companies such as HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, State Bank of India (SBI), Bajaj Finance, and ITC also saw their market capitalizations fall.
However, Infosys and Hindustan Unilever defied the trend by posting gains.
Reliance Industries saw the biggest valuation drop of ₹59,799.34 crore to settle at ₹18.64 lakh crore.
Banking blues
ICICI Bank and HDFC Bank follow suit
The market capitalization of ICICI Bank declined by ₹30,185.36 crore to ₹9.90 lakh crore, while HDFC Bank's valuation fell by ₹27,062.52 crore to ₹14.46 lakh crore.
The SBI's valuation also took a hit as it fell by ₹18,429.34 crore to ₹6.96 lakh crore on the BSE index during the same period.
Valuation declines
Other companies also experience valuation drops
Bajaj Finance witnessed a loss of ₹13,798.85 crore in value, taking its market cap to ₹5.37 lakh crore.
ITC's valuation fell by ₹8,321.89 crore to settle at ₹5.30 lakh crore.
Bharti Airtel's market cap also took a hit, falling by ₹2,138.29 crore to end at ₹10.54 lakh crore during the period.
Market fluctuations
TCS sees minor dip while others record gains
TCS saw a slight decline in its market cap, losing ₹578.89 crore to settle at ₹12.45 lakh crore. Meanwhile, Hindustan Unilever and Infosys gained during the period.
Hindustan Unilever's valuation increased by ₹2,537.56 crore to settle at a new ₹5.48 lakh crore, while Infosys added ₹415.33 crore to its market value, settling at ₹6.26 lakh crore during the period.