Market cap of India's top 6 firms down ₹3L crore
What's the story
The combined market capitalization of six out of the top 10 most valuable companies in India has witnessed a massive decline of over ₹3 lakh crore last week. The fall was led by IT giants Tata Consultancy Services (TCS) and Infosys amid a bearish equity market. The BSE benchmark index fell by 953.64 points or 1.14% during the same period.
Valuation drop
Major losses for IT giants and other top firms
The market valuation of TCS took a major hit, falling by ₹90,198.92 crore to ₹9,74,043.43 crore. Similarly, Infosys's market capitalization also took a hit with an erosion of ₹70,780.23 crore bringing it down to ₹5,55,287.72 crore. Other companies that witnessed a decline in their market valuations include HDFC Bank (down by ₹54,627.71 crore), Reliance Industries (down by ₹41,883 crore), Life Insurance Corporation of India (LIC) (down by ₹23,971.74 crore), and Bharti Airtel (down by ₹19,244.61 crore).
Valuation rise
Gains for SBI and Bajaj Finance
Despite the overall decline in market capitalization, some companies managed to buck the trend. The market valuation of State Bank of India (SBI) rose by ₹1,22,213.38 crore to ₹11,06,566.44 crore. Bajaj Finance also witnessed a surge with its market capitalization climbing by ₹26,414.44 crore to ₹6,37,244.64 crore during this period under review.
Valuation increase
L&T and ICICI Bank also bucked the trend
Along with SBI and Bajaj Finance, two other companies also saw an increase in their market capitalization. The valuation of Larsen & Toubro (L&T) rose by ₹14,483.9 crore to ₹5,74,028.93 crore. Meanwhile, ICICI Bank's market capitalization rose by ₹5,719.95 crore to ₹10,11,978.77 crore.