Market cap of India's top 8 firms down ₹2.81L crore
What's the story
The combined market capitalization of eight out of the top 10 most-valued companies in India plummeted by ₹2.81 lakh crore last week. The decline was led by the State Bank of India (SBI), which witnessed the biggest loss amid a poor equity performance. The BSE benchmark index fell 2,368.29 points or 2.91% during this period due to rising geopolitical tensions in West Asia and surging crude oil prices affecting investor sentiment.
Impact
SBI lost most valuation, followed by ICICI, HDFC Bank
SBI's market capitalization witnessed a massive drop of ₹53,952.96 crore to ₹10,55,567.27 crore last week. ICICI Bank followed closely with its valuation eroding by ₹46,936.82 crore to ₹9,40,049.82 crore. HDFC Bank's market capitalization also took a hit by ₹46,552.3 crore to settle at ₹13,19,107.08 crore during the same period under review.
Valuation drop
L&T, Bajaj Finance among top losers
Other companies like Larsen & Toubro (L&T), Bajaj Finance, Hindustan Unilever (HUL), Tata Consultancy Services (TCS), and Bharti Airtel also witnessed a decline in their market capitalizations last week. L&T's valuation tanked by ₹45,629.03 crore to ₹5,43,208.36 crore while Bajaj Finance's dropped by ₹28,934.56 crore to ₹5,91,136.03 crore during the same period under review.
Market decline
TCS, HUL, Bharti Airtel also witnessed decline
TCS's market capitalization took a hit last week, declining by ₹28,492.44 crore to ₹9,25,380.15 crore. HUL's valuation fell by ₹26,350.67 crore to ₹5,23,042.51 crore during the same period. Bharti Airtel's market capitalization marginally dropped by ₹4,732.75 crore to settle at ₹10,67,120.50 crore last week.
Market gainers
Reliance, Infosys bucked the trend last week
Despite the overall decline in market capitalizations, Reliance Industries and Infosys were the only two companies from the top-10 pack to witness an increase last week. Reliance's market valuation jumped by ₹14,750.39 crore to ₹19,01,583.05 crore, while Infosys's climbed by ₹3,459.99 crore to settle at a respectable ₹5,30,546.54 crore during this period.