Market cap of India's top 9 firms down ₹3L crore
What's the story
The cumulative market cap of nine of the top 10 most valued companies in India witnessed a massive decline of ₹2.94 lakh crore last week. Tata Consultancy Services (TCS) took the biggest hit amid a bearish trend in domestic equities. This was evident in the BSE benchmark gage Sensex, which declined by 2,050.23 points or 2.64%, and NSE's Nifty, which fell by 614.8 points or 2.61%.
Top losers
TCS, RIL lead market cap decline
Among the top 10 firms, TCS was the worst affected with its market valuation plunging by ₹1.1 lakh crore to ₹11.94 lakh crore. Reliance Industries also witnessed a major fall as its market cap fell by ₹95,132.58 crore to ₹16.3 lakh crore. Infosys's valuation took a hit, plunging by ₹49,050.04 crore to ₹6.03 lakh crore last week amid this bearish trend in domestic equities.
Additional losses
Bajaj Finance, ICICI Bank among firms witnessing drop
Bajaj Finance's market cap also fell, losing ₹14,127.07 crore to settle at ₹5.41 lakh crore. ICICI Bank's valuation plunged by ₹9,503.66 crore to settle at ₹9.43 lakh crore. HDFC Bank and Hindustan Unilever Ltd weren't spared either as their valuations fell by ₹8,800.05 crore and ₹3,500.89 crore respectively, during this period of market downturns for these companies in India.
Others
SBI, ITC suffer market cap loss
The market capitalization of State Bank of India (SBI) also took a hit as it slumped by ₹3,391.35 crore to reach ₹6.85 lakh crore last week. ITC's valuation slipped by ₹312.85 crore during the same period, bringing its total down to ₹5.12 lakh crore.
Exception
Bharti Airtel stands out with market cap increase
Bharti Airtel was the only firm among the top 10 to see an increase in its market valuation. The company's market cap rose by ₹7,013.59 crore to ₹9.94 lakh crore last week amid this bearish trend in domestic equities. This underscores Bharti Airtel's resilience and ability to keep growing even as other major firms in India struggle.