The market capitalization of nine out of the top ten most valued companies fell by a substantial Rs 2,09,952.26 crore last week, reflecting a downturn in the equity markets, with Hindustan Unilever and Reliance Industries bearing the brunt of the losses.
During the week, the BSE benchmark index dropped by 1,822.46 points, or 2.24%. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted that disappointing Q2 earnings and ongoing foreign institutional investor (FII) selling contributed to the market’s struggles.
Among the top ten companies, HDFC Bank was the sole performer to see an increase in valuation. Hindustan Unilever’s market capitalization fell by Rs 44,195.81 crore to Rs 5,93,870.94 crore, while Reliance Industries saw a decline of Rs 41,994.54 crore, bringing its valuation down to Rs 17,96,726.60 crore.
State Bank of India’s market cap decreased by Rs 35,117.72 crore to Rs 6,96,655.84 crore, and Bharti Airtel’s valuation dropped by Rs 24,108.72 crore to Rs 9,47,598.89 crore. Tata Consultancy Services (TCS) lost Rs 23,137.67 crore, bringing its market capitalization to Rs 14,68,183.73 crore.
Life Insurance Corporation of India (LIC) saw a decrease of Rs 19,797.24 crore, reducing its market cap to Rs 5,71,621.67 crore, while Infosys’s valuation fell by Rs 10,629.49 crore to Rs 7,69,496.61 crore. ITC’s market cap dipped by Rs 5,690.96 crore to Rs 6,02,991.33 crore, and ICICI Bank’s valuation dropped by Rs 5,280.11 crore to Rs 8,84,911.27 crore.
In contrast, HDFC Bank’s market cap increased by Rs 46,891.13 crore, reaching Rs 13,29,739.43 crore. Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, ITC, Hindustan Unilever, and LIC.
