Market cap of India's top 6 firms down ₹70,326cr
What's the story
The combined market capitalization of six out of the top 10 most valued companies in India has witnessed a massive erosion of ₹70,325.5 crore last week. The decline comes amid a bearish trend in equities and was led by HDFC Bank and ICICI Bank. The BSE benchmark Sensex also fell 626.01 points or 0.74% during the same period, contributing to the downward trend in market valuations for these firms.
Valuation drop
HDFC, ICICI Bank lead losses
HDFC Bank's market capitalization fell by ₹19,284.8 crore to ₹15,25,339.72 crore. Meanwhile, ICICI Bank's market cap also witnessed a decline of ₹13,566.92 crore to settle at ₹10,29,470.57 crore. Other companies such as Bajaj Finance and LIC saw their valuations drop by ₹13,236.44 crore and ₹10,246.49 crore respectively, during this period of market volatility in India.
Additional losses
TCS, Bharti Airtel also among losers
Tata Consultancy Services (TCS) saw a dip of ₹8,032.15 crore in its market capitalization, which now stands at ₹12,37,729.65 crore. Bharti Airtel's market cap fell by ₹5,958.7 crore to settle at ₹11,50,371.24 crore.
Market resilience
Reliance, SBI gain
Despite the overall decline in market capitalization for many top firms, Reliance Industries and State Bank of India (SBI) managed to buck the trend. Reliance's market valuation rose by ₹15,359.36 crore to ₹20,66,949.87 crore, while SBI's mcap increased by ₹5,756.38 crore to reach a total of ₹7,24,545.28 crore, during this period of bearish equity trends in India.