Top companies lost Rs 1.13 lakh crore in stock market trading last week
Mumbai: During the last week of stock trading, the combined market capitalisation of seven of India’s top 10 most-valued companies declined by around Rs 1.13 lakh crore, with Bharti Airtel and Reliance Industries accounting for the largest erosion amid continued pressure on the broader equity market.
The sell-off came as benchmark indices remained under pressure for the third consecutive week. The BSE Sensex declined 276.32 points, or 0.35 per cent, over the week, while the Nifty fell 76.35 points, or 0.31 per cent.
Bharti Airtel recorded the steepest decline among the top 10 companies, with its market valuation falling by Rs 40,500.85 crore to Rs 11,74,462.30 crore.
Reliance Industries, which retained its position as India’s most-valued company, saw its market capitalisation decline by Rs 40,056.32 crore to Rs 17,38,119.27 crore.
The sharp decline in the two heavyweight stocks accounted for a substantial portion of the overall erosion in the combined valuation of the top 10 companies.
The weakness extended across other large-cap counters. HDFC Bank’s market capitalisation fell by Rs 11,558.35 crore to Rs 11,09,600.70 crore, while Bajaj Finance lost Rs 10,086.05 crore in market value, taking its valuation to Rs 6,70,535.57 crore.
Larsen & Toubro saw its market capitalisation decline by Rs 6,473.45 crore to Rs 5,55,987.49 crore. Life Insurance Corporation of India (LIC) shed Rs 3,162.50 crore, while Hindustan Unilever lost Rs 1,550.73 crore.
The sell-off was not uniform across the large-cap universe. Tata Consultancy Services (TCS) emerged as the biggest gainer, adding Rs 16,643.20 crore to its market capitalisation, which rose to Rs 8,48,079.71 crore.
ICICI Bank gained Rs 4,475.28 crore, taking its valuation to Rs 10,22,805.73 crore, while State Bank of India added Rs 599.99 crore.
The gains in IT stocks, particularly TCS, came as investors responded positively to global technology cues and helped markets stage a strong recovery towards the end of the week.
Despite the decline in its market value, Reliance Industries continued to rank as India’s most-valued company, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever. (BVI)
