Top Indian Firms Lose ₹2.74 Lakh Crore; HDFC Bank Leads

Nine out of India’s top ten most valued companies collectively shed ₹2.74 lakh crore in market capitalization last week. This substantial erosion was driven by a pervasive bearish trend across equities.

• BSE Sensex declined by 2,091.68 points (2.67%)
• NSE Nifty fell by 566.85 points (2.32%)

HDFC Bank experienced the most significant valuation tumble, while Hindustan Unilever stood out as the sole company to register gains during the period.

• HDFC Bank’s market valuation decreased by ₹1,18,383.91 crore, with shares declining 9.40%.
• Reliance Industries saw its valuation drop by ₹65,429.82 crore.
• State Bank of India’s market cap decreased by ₹26,814.94 crore.

Underlying Market Pressures

The market witnessed a weak and volatile week, attributed by Ajit Mishra, SVP, Research, Religare Broking Ltd, to multiple factors. A sharp surge in crude oil prices and renewed geopolitical tensions negatively impacted investor sentiment.

• Sharp surge in crude oil prices
• Renewed geopolitical tensions
• Mixed Q1 FY27 earnings for banking stocks
• General risk-off environment
• Weakening rupee

Banking stocks were particularly affected by their mixed Q1 FY27 earnings, contributing significantly to the overall market drag. A general risk-off environment coupled with a weakening rupee further curtailed buying interest across sectors.

Companies that saw their valuations erode included Reliance Industries, Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, Tata Consultancy Services (TCS), Bajaj Finance, Life Insurance Corporation of India (LIC), and Larsen & Toubro.

Current Valuation Standings

Despite the widespread losses, Reliance Industries maintained its position as the most valued firm. The current ranking of India’s top companies by valuation is as follows:

• Reliance Industries
• Bharti Airtel
• HDFC Bank
• ICICI Bank
• State Bank of India
• Tata Consultancy Services (TCS)
• Bajaj Finance
• Life Insurance Corporation of India (LIC)
• Larsen & Toubro
• Hindustan Unilever

The market’s performance last week underscored a cautious investor stance amid global and domestic headwinds, with valuation adjustments reflecting these broader economic and geopolitical shifts.