India's top 6 firms lose ₹1.55 lakh crore in m-cap
What's the story
Six of India's top 10 most valuable companies witnessed a massive erosion in market valuation last week, to the tune of ₹1.55 lakh crore.
The decline was led by Reliance Industries, which witnessed the biggest cut in its market capitalization.
The drop is in line with an overall downward trend in equities as foreign institutional investors pulled out over ₹23,300 crore in the first six trading sessions of November.
Market drop
Reliance Industries leads market valuation decline
Reliance Industries's market valuation plunged by ₹74,563 crore to ₹17,37,556 crore last week. The massive decline made the company the biggest loser among India's top 10 most valuable firms.
Companies that saw a dip in their market valuations include Bharti Airtel, ICICI Bank, ITC Limited (ITC), Hindustan Unilever Limited (HUL), and Life Insurance Corporation of India (LIC).
Valuation dip
Other top firms also witness market valuation erosion
Bharti Airtel's market valuation fell by ₹26,274 crore to ₹8,94,024 crore, while ICICI Bank's fell by ₹22,254 crore to ₹8,88,432 crore last week.
ITC's market capitalization fell by ₹15,449 crore to ₹5,98,213 crore during the same period.
HUL and LIC also saw their market valuations decline with the former's falling by ₹7,248 crore to ₹5,89,160 crore and the latter's by ₹9,930 crore to ₹5,78,579 crore.
Valuation surge
Some top firms witness market valuation surge
Despite the overall downward trend, some of India's top 10 most valuable companies witnessed an increase in their market valuations last week.
Tata Consultancy Services (TCS) saw a major spike in its market capitalization by ₹57,744 crore to ₹14,99,697 crore.
Infosys and State Bank of India (SBI) also saw increases with Infosys's market valuation soaring by ₹28,838 crore to ₹7.60 lakh crore and SBI's climbing by ₹19,812 crore to 7.52 lakh crore last week.