Market cap of India's top 6 companies down ₹2.22L crore
What's the story
The market capitalization of six out of India's top 10 companies fell by a whopping ₹2.22 lakh crore last week. The major contributor to this decline was Reliance Industries, which alone accounted for the highest drop in value among its peers. The fall came amid mixed earnings reports and foreign fund outflows, keeping market volatility high.
Market impact
Reliance contributed to major decline
Last week, Reliance Industries saw its market capitalization drop by ₹1.14 lakh crore—the biggest fall among its peers. The company's valuation fell to ₹18.83 lakh crore, according to data from BSE. Other companies that contributed to the decline include Tata Consultancy Services (TCS), Infosys, Bajaj Finance, Hindustan Unilever, and Life Insurance Corporation of India (LIC).
Valuation drop
Infosys, LIC, TCS among other companies that saw fall
Infosys's market capitalization fell by ₹29,474.56 crore to ₹6.29 lakh crore, while LIC's valuation plummeted by ₹23,086.24 crore to ₹5.60 lakh crore. TCS's market cap also witnessed a decline of ₹20,080.39 crore to ₹11.34 lakh crore last week. Bajaj Finance and Hindustan Unilever were other companies that witnessed a fall in their respective valuations during this period.
Valuation gain
HDFC Bank, ICICI Bank and Bharti Airtel were gainers
In contrast to the other companies, HDFC Bank and ICICI Bank saw their market capitalizations rise last week. HDFC Bank's valuation jumped by ₹37,161.53 crore to ₹15.38 lakh crore, while ICICI Bank added ₹35,814.41 crore taking its valuation to ₹10.53 lakh crore. Bharti Airtel's market cap also climbed by ₹20,841.2 crore, while SBI's went up by ₹9,685.34 crore during this period.