Top-10 firms lose ₹2.74 lakh crore in market value as Sensex, Nifty tumble; HDFC Bank takes biggest hit
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The combined market valuation of nine of India's 10 most-valued companies eroded by ₹2.74 lakh crore last week, in line with the bearish trend in equities, with HDFC Bank taking the biggest hit.
Last week, the BSE benchmark Sensex plunged 2,091.68 points, or 2.67%, while the NSE Nifty declined 566.85 points, or 2.32%.
"Markets witnessed a weak and volatile week, with benchmark indices extending their losing streak as a sharp surge in crude oil prices and renewed geopolitical tensions weighed heavily on investor sentiment," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
Banking stocks emerged as the biggest drag following mixed Q1 FY27 earnings, while a risk-off environment and weakness in the rupee further curtailed buying interest, he added.
Among the top-10 firms, Hindustan Unilever emerged as the only gainer.
The companies that saw their market valuations erode were Reliance Industries, Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, Tata Consultancy Services (TCS), Bajaj Finance, Life Insurance Corporation of India (LIC) and Larsen & Toubro.
The market valuation of HDFC Bank tumbled by ₹1,18,383.91 crore to ₹11,43,985.90 crore. Last week, shares of HDFC Bank fell 9.40% amid concerns over margins.
Reliance Industries' valuation declined by ₹65,429.82 crore to ₹17,29,661.44 crore.
The valuation of State Bank of India dropped by ₹26,814.94 crore to ₹9,36,953.84 crore, while that of Bajaj Finance fell by ₹26,802.74 crore to ₹6,30,471.54 crore.
The market capitalisation of LIC declined by ₹15,116.74 crore to ₹5,33,007.56 crore, while that of ICICI Bank fell by ₹6,223.84 crore to ₹10,28,217.93 crore.
Bharti Airtel's valuation slipped by ₹6,021.64 crore to ₹11,85,046.13 crore, while that of TCS declined by ₹5,191.95 crore to ₹8,15,480.75 crore.
The market capitalisation of Larsen & Toubro also declined by ₹4,092.79 crore to ₹5,20,747.89 crore.
However, the market capitalisation of Hindustan Unilever rose by ₹152.73 crore to ₹5,03,928.59 crore.
Reliance Industries remained India's most-valued company, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, LIC, Larsen & Toubro and Hindustan Unilever.