The combined market valuation of seven of India’s top-10 most valued companies decreased by more than Rs 2 lakh crore last week. This decline was mainly led by Reliance Industries and Tata Consultancy Services (TCS) as the biggest losers. The market downturn was in line with a negative trend on Dalal Street, with the Sensex dropping 1,829.33 points and the Nifty declining 455.6 points during the week.
Market sentiment remained tense due to geopolitical tensions and weak earnings reports from IT giants. Global developments, especially uncertainties in West Asia, contributed to keeping crude oil prices high amid concerns of supply disruptions. Consequently, the combined market capitalization of seven top-10 firms dropped by Rs 2,05,343.06 crore.
Tata Consultancy Services witnessed the most significant decline, with its valuation falling by Rs 66,699.44 crore to Rs 8,67,364.12 crore. Following closely, Reliance Industries lost Rs 50,670.34 crore in market value, bringing it to Rs 17,96,647.50 crore. Other companies like HDFC Bank, Life Insurance Corporation of India (LIC), Bharti Airtel, ICICI Bank, and Larsen and Toubro also saw declines in their market capitalization.
Despite the overall losses, Hindustan Unilever added Rs 20,652.91 crore to reach a valuation of Rs 5,47,219.80 crore. State Bank of India gained Rs 19,522.76 crore, pushing its market cap to Rs 10,16,752.53 crore. Bajaj Finance also saw an increase in its market value. Reliance Industries maintained its position as India’s most valued company, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever, and LIC.
