Market cap of India's top 7 firms down ₹3.6L crore
What's the story
The combined market capitalization of seven of the top 10 most valued firms in India has witnessed a massive erosion of ₹3.63 lakh crore last week. The decline was led by Reliance Industries, which saw its market value plummet by over ₹1.58 lakh crore. The fall comes amid a bearish trend in equities and fears over a slowing retail sector and US sanctions on India's purchase of Russian oil.
Market impact
Reliance's market value
Reliance Industries's market capitalization fell by ₹1,58,532.91 crore to ₹19,96,445.69 crore last week. The selloff has already wiped out nearly $15 billion from Reliance's market value, making it one of the worst starts for the company in recent years.
Valuation decline
Other firms also witness market value erosion
Apart from Reliance, other top firms like HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Bajaj Finance, and Larsen & Toubro also witnessed a decline in their market valuations. HDFC Bank's valuation fell by ₹96,153.61 crore to ₹14,44,150.26 crore, while Bharti Airtel's market capitalization declined by ₹45,274.72 crore to ₹11,55,987.81 crore. Bajaj Finance's valuation plunged by ₹18,729.68 crore to ₹5,97,700.75 crore, and Larsen & Toubro's dropped by a similar amount to ₹5,53,912.03 crore last week.
Tech sector impact
What about TCS and Infosys?
The tech sector was not spared either, with TCS and Infosys witnessing declines in their market valuations. TCS's market capitalization fell by ₹15,232.14 crore to ₹11,60,682.48 crore, while Infosys's edged lower by ₹10,760.59 crore to ₹6,70,875 crore last week.
Positive performance
ICICI Bank, SBI, and HUL witness gains
Despite the overall market downturn, some companies managed to increase their market valuations. ICICI Bank's valuation jumped by ₹34,901.81 crore to ₹10,03,674.95 crore last week. Hindustan Unilever's market capitalization climbed by ₹6,097.19 crore to ₹5,57,734.23 crore, while State Bank of India's edged higher by a smaller margin of ₹599.99 crore to ₹9,23,061.76 crore.