The combined market valuation of seven of India’s 10 most-valued companies declined by Rs 1.25 lakh crore last week, mirroring weakness in the broader equity markets. Reliance Industries recorded the sharpest drop in valuation among the top firms, as per media reports.
As per media reports, the decline came amid a bearish trend in equities, with the BSE Sensex falling 532.4 points, or 0.71 per cent, during the week, while the NSE Nifty dropped 181.05 points, or 0.76 per cent.
Market Sentiment Weakens
Analysts attributed the subdued sentiment largely to sustained foreign institutional investor (FII) selling, despite support from easing crude oil prices and gains in the rupee against the US dollar. Concerns around the pace of monsoon progress also weighed on investor confidence.
Among the top-10 most-valued firms, Reliance Industries, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro (L&T), Life Insurance Corporation of India (LIC), and Hindustan Unilever saw erosion in market capitalisation. In contrast, HDFC Bank, ICICI Bank, and State Bank of India (SBI) posted gains.
Reliance Industries witnessed the sharpest decline, with its market capitalisation dropping Rs 39,718 crore to Rs 17,47,321.40 crore. TCS followed, losing Rs 20,134.66 crore to Rs 7,95,346.09 crore.
Bharti Airtel’s valuation declined by Rs 18,736.04 crore to Rs 10,96,150.49 crore, while L&T lost Rs 16,880.2 crore, taking its market capitalisation to Rs 5,43,956.44 crore. LIC’s valuation fell Rs 14,610.74 crore to Rs 5,05,873.32 crore, while Bajaj Finance shed Rs 9,681.36 crore to Rs 5,53,580.97 crore. Hindustan Unilever’s market valuation declined by Rs 5,909.23 crore to Rs 4,98,301.31 crore.
On the gaining side, SBI added Rs 12,692.09 crore to reach Rs 9,02,523.63 crore in market capitalisation. ICICI Bank rose Rs 4,484.86 crore to Rs 9,05,074.77 crore, while HDFC Bank added Rs 4,101.47 crore to Rs 11,50,743.31 crore.
Reliance Industries continued to remain India’s most-valued company, followed by HDFC Bank, Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance, L&T, LIC and Hindustan Unilever. |
