HDFC Bank faced the most significant market valuation drop among India’s top companies last week, losing over Rs 56,000 crore. The broader stock market showed a negative bias, with five of the top-10 companies collectively losing more than Rs 1 lakh crore in market capitalization. Specifically, HDFC Bank’s valuation plummeted by Rs 56,124.48 crore to Rs 12,01,267.28 crore.
The overall market sentiment remained cautious, as reflected in the marginal decline of the BSE Sensex by 30.96 points and the NSE Nifty by 36.6 points during the week. Ajit Mishra, SVP (Research) at Religare Broking Ltd, observed that the market closed flat with a negative undertone. Despite some positive trading sessions earlier in the week, a sharp fall on Thursday erased gains, followed by a volatile final session.
Apart from HDFC Bank, other major companies that experienced significant declines in market valuation included Hindustan Unilever, Bajaj Finance, Tata Consultancy Services (TCS), and ICICI Bank. Hindustan Unilever’s market value dropped by Rs 18,009.62 crore, Bajaj Finance lost Rs 15,338.42 crore, TCS saw a decline of Rs 7,127.63 crore, and ICICI Bank’s market capitalization dipped by Rs 6,171.72 crore.
In contrast, some heavyweight firms managed to post gains despite the overall weak trend. Bharti Airtel witnessed a substantial rise of Rs 24,462.03 crore, pushing its market capitalization to Rs 10,52,893.75 crore. State Bank of India added Rs 10,707.52 crore to reach Rs 9,76,968.57 crore in valuation. Additionally, Infosys and Life Insurance Corporation of India (LIC) also saw modest gains, with their market capitalizations increasing to Rs 5,08,789.37 crore and Rs 4,91,610.45 crore, respectively.
