Indian Firms Lose ₹1.13 Trillion as Market Bears Grip
By Market Desk
Seven top Indian companies, including Bharti Airtel & Reliance Industries, shed ₹1.13 trillion in market cap last week amid broader market declines.
Seven of India’s top-10 most valued firms collectively lost ₹1.13 trillion in market capitalization last week. This significant erosion was primarily driven by declines in Bharti Airtel and Reliance Industries amidst a prevailing bearish sentiment across equity markets.
The broader market also registered losses, with the BSE Sensex falling 276.32 points (0.35%) and the NSE Nifty dropping 76.35 points (0.31%).
Key Market Movers
- BSE Sensex: Down 0.35% (276.32 points)
- NSE Nifty: Down 0.31% (76.35 points)
- Total Mcap Erosion: ₹1.13 trillion for 7 top firms
Indian equity markets concluded the week cautiously, extending a corrective phase for a third consecutive week. This extended pressure stemmed from global interest rate concerns, geopolitical instability, and fluctuations observed during the new closing auction session, according to Ajit Mishra, SVP, Research, Religare Broking Ltd.
Top Valued Firms See Valuation Erosion
Several prominent companies experienced a notable decrease in their market valuations over the past week. Bharti Airtel recorded the steepest drop, while Reliance Industries also saw substantial erosion.
- Bharti Airtel: Valuation fell by ₹40,500.85 crore to ₹11,74,462.30 crore.
- Reliance Industries: Valuation decreased by ₹40,056.32 crore to ₹17,38,119.27 crore.
- HDFC Bank: Market cap dropped by ₹11,558.35 crore.
- Bajaj Finance: Down by ₹10,086.05 crore.
- Larsen & Toubro: Decreased by ₹6,473.45 crore.
- Life Insurance Corporation of India (LIC): Fell by ₹3,162.5 crore.
- Hindustan Unilever: Lost ₹1,550.73 crore.
Select Firms Register Gains
Despite the broader market downturn and significant losses among top firms, a few companies managed to post gains in their market capitalization. Tata Consultancy Services (TCS) led this group with a notable increase.
- Tata Consultancy Services (TCS): Market cap increased by ₹16,643.2 crore to ₹8,48,079.71 crore.
- ICICI Bank: Valuation climbed by ₹4,475.28 crore.
- State Bank of India: Went up by ₹599.99 crore.
Reliance Industries maintains its position as India’s most valued firm. It is followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC, and Hindustan Unilever, in that specific order.