The market valuation of Tata Consultancy Services (TCS) plummeted by Rs 90,198.92 crore to Rs 9,74,043.43 crore this week, making it the biggest loser among India’s top companies in a bearish stock market trend. Alongside TCS, Infosys also experienced a substantial decline in market capitalization, with both IT giants facing significant erosion in their values. The broader market saw a decline in the combined market capitalization of six of the top 10 most valued firms by over Rs 3 trillion, reflecting weak investor sentiment.
The BSE benchmark index dropped by 953.64 points, or 1.14 per cent, indicating the prevailing negative market sentiment. Private sector lender HDFC Bank witnessed a decrease in its valuation by Rs 54,627.71 crore to Rs 13,93,621.92 crore. Similarly, Reliance Industries’ market cap plunged by Rs 41,883 crore to Rs 19,21,475.79 crore, contributing to the overall market downturn.
Despite the overall decline, some companies ended the week positively. State Bank of India emerged as the biggest gainer among the top firms, with its market capitalization surging by Rs 1,22,213.38 crore to Rs 11,06,566.44 crore. Bajaj Finance and Larsen & Toubro also saw an increase in their valuations, with Bajaj Finance rising by Rs 26,414.44 crore to Rs 6,37,244.64 crore and Larsen & Toubro adding Rs 14,483.9 crore to reach a market cap of Rs 5,74,028.93 crore.
ICICI Bank experienced gains as well, with its valuation rising by Rs 5,719.95 crore to Rs 10,11,978.77 crore. Despite the weekly setbacks, 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, Infosys, and Life Insurance Corporation of India in the top 10 ranking of the country’s most valued firms.
