The combined market capitalisation of eight of India’s ten most valued companies declined by Rs 2,81,581.53 crore last week, with State Bank of India (SBI) registering the sharpest erosion amid a broader downturn in equity markets.
The fall in valuations came in line with weak market sentiment, as the BSE benchmark Sensex plunged 2,368.29 points, or 2.91 per cent, during the week.
“Markets ended the holiday-shortened week with steep losses as escalating geopolitical tensions in West Asia and a sharp spike in crude oil prices weighed heavily on investor sentiment,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
Among the top-10 firms, Reliance Industries and Infosys were the only companies that recorded gains in their market valuations.
State Bank of India suffered the steepest decline, with its valuation tumbling Rs 53,952.96 crore to Rs 10,55,567.27 crore.
The market capitalisation of ICICI Bank dropped by Rs 46,936.82 crore to Rs 9,40,049.82 crore, while that of HDFC Bank declined Rs 46,552.3 crore to Rs 13,19,107.08 crore.
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Engineering major Larsen & Toubro also witnessed a significant erosion, with its valuation falling Rs 45,629.03 crore to Rs 5,43,208.36 crore.
Financial services firm Bajaj Finance saw its market capitalisation shrink Rs 28,934.56 crore to Rs 5,91,136.03 crore, while that of Tata Consultancy Services (TCS) slipped Rs 28,492.44 crore to Rs 9,25,380.15 crore.
Meanwhile, Hindustan Unilever lost Rs 26,350.67 crore in valuation to Rs 5,23,042.51 crore, and Bharti Airtel recorded a marginal decline of Rs 4,732.75 crore, taking its market value to Rs 10,67,120.50 crore.
In contrast, Reliance Industries, the country’s most valued firm, added Rs 14,750.39 crore to its market capitalisation, taking it to Rs 19,01,583.05 crore.
Infosys also registered gains, with its valuation rising Rs 3,459.99 crore to Rs 5,30,546.54 crore.
Despite the weekly volatility, Reliance Industries retained its position as the most valued domestic company, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Infosys, and Hindustan Unilever.
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