Market cap of India's top 7 firms down by ₹35,440cr
What's the story
The combined market capitalization of seven out of the top 10 most valued companies in India fell by ₹35,439.36 crore last week. The fall was led by State Bank of India (SBI), which witnessed a massive drop in its market valuation. The decline is in line with a general trend observed in equities during the holiday-shortened trading session.
Market impact
SBI's market valuation takes a major hit
SBI's market capitalization fell by ₹12,692.1 crore to ₹8,92,046.88 crore during the last week. This was the biggest hit among the top 10 companies. Reliance Industries also saw a drop in its valuation by ₹8,254.81 crore to ₹21,09,712.48 crore, while Bajaj Finance's market cap fell by ₹5,102.43 crore taking it down to ₹6,22,124.01 crore during this period.
Valuation drops
Other companies also witness decline
Larsen & Toubro's market capitalization fell by ₹4,002.94 crore to ₹5,56,436.22 crore, while ICICI Bank's dipped by ₹2,571.39 crore to ₹9,65,669.15 crore during the last week. Life Insurance Corporation of India (LIC) also saw a drop in its market cap by ₹1,802.62 crore taking it down to ₹5,37,403.43 crore. Meanwhile, Tata Consultancy Services (TCS) witnessed a dip of ₹1,013.07 crore bringing its valuation down to ₹11,86,660.34 crore.
Market gains
HDFC Bank and Infosys see surge
Despite the overall decline, some companies managed to buck the trend. HDFC Bank's market capitalization jumped by ₹10,126.81 crore to ₹15,26,765.44 crore during the last week. Infosys also saw a major jump in its valuation by ₹6,626.62 crore taking it up to ₹6,87,818.84 crore during this period, while Bharti Airtel's market cap climbed by ₹5,359.98 crore bringing it up to ₹12,00,692.32 crore.