The combined market capitalization of nine of India’s top-10 most valued companies plummeted by Rs 2,94,170.16 crore during the holiday-shortened week, with Tata Consultancy Services (TCS) and Reliance Industries bearing the brunt of the losses.
This slump came amid a bearish trend in domestic equities, which saw the BSE benchmark Sensex drop by 2,050.23 points (2.64%) and the NSE Nifty decline by 614.8 points (2.61%), according to PTI.
The market valuation of major companies, including TCS, Reliance Industries, Infosys, Bajaj Finance, ICICI Bank, HDFC Bank, Hindustan Unilever Ltd, State Bank of India, and ITC, suffered notable erosion. However, Bharti Airtel emerged as the only top-10 company to see a gain in market value.
TCS saw the largest drop, with its market capitalization falling by Rs 1,10,351.67 crore, bringing it down to Rs 11,93,769.89 crore. Similarly, Reliance Industries’ valuation dropped by Rs 95,132.58 crore to Rs 16,30,244.96 crore, and Infosys saw a decline of Rs 49,050.04 crore, bringing its valuation to Rs 6,03,178.45 crore.
Other companies facing erosion in market cap include Bajaj Finance (down by Rs 14,127.07 crore), ICICI Bank (down by Rs 9,503.66 crore), HDFC Bank (down by Rs 8,800.05 crore), Hindustan Unilever (down by Rs 3,500.89 crore), State Bank of India (down by Rs 3,391.35 crore), and ITC (down by Rs 312.85 crore).
In contrast, Bharti Airtel’s market capitalization rose by Rs 7,013.59 crore, taking its value to Rs 9,94,019.51 crore.
Despite these losses, Reliance Industries maintained its position as the most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and ITC.