Top-10 Firms Lose ₹4.48 Lakh Crore In Market Value In A Week, SBI And HDFC Bank Emerge As Biggest Laggards
· Free Press Journal
New Delhi: The combined market capitalisation of India’s top-10 most valued companies fell sharply by ₹4.48 lakh crore last week, reflecting a major decline in the stock market.
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The biggest losses were seen in banking giants State Bank of India and HDFC Bank, which recorded the largest drop in market valuation.
The fall came as Indian equity markets witnessed heavy selling pressure. The benchmark BSE Sensex plunged 4,354.98 points or 5.51%, while the Nifty 50 declined 1,299.35 points or 5.31% during the week.
₹3 Lakh Crore Wiped Out In A Week, TCS & Infosys Lead Market Cap FallWest Asia Conflict and Oil Prices Impact Markets
Market experts say the major reason behind the sharp fall was the rise in crude oil prices amid the ongoing geopolitical tensions.
The conflict involving Iran, United States, and Israel has pushed global crude prices higher.
Benchmark Brent Crude crossed USD 101 per barrel, raising worries about inflation, government finances and economic growth in India.
Higher oil prices increase import costs for India, which can affect corporate earnings and overall market sentiment.
Banking Stocks See Biggest Losses
Among the top companies, State Bank of India recorded the biggest fall in valuation. Its market capitalisation dropped ₹89,306.22 crore, taking its total value to ₹9.66 lakh crore.
HDFC Bank also saw a sharp erosion of ₹61,715.32 crore, bringing its market value to about ₹12.57 lakh crore.
₹3 Lakh Crore Wiped Out In A Week, TCS & Infosys Lead Market Cap FallOther major companies also saw significant declines. The valuation of Bajaj Finance fell by ₹59,082.49 crore, while Tata Consultancy Services lost ₹53,312.52 crore in market value.
Similarly, ICICI Bank lost ₹42,205.04 crore, and Bharti Airtel saw a decline of ₹38,688.78 crore.
Other Companies Also Hit
The market capitalisation of Reliance Industries dropped by ₹33,289.88 crore, though it remained the most valuable company in India.
TCS’ Market Cap Falls Over ₹90,000 Crore This WeekMeanwhile, Life Insurance Corporation of India (LIC) lost ₹31,245.49 crore, and Infosys saw its valuation fall by ₹24,230.96 crore.
The market value of Hindustan Unilever also declined by ₹15,401.57 crore during the week.
Despite the losses, the ranking of the top companies remained unchanged.
Reliance Industries continues to lead the list, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Hindustan Unilever, Infosys and LIC.