Market Crash Wipes ₹2 Lakh Cr from Top Firms: Reliance, TCS Lead Decline – Airtel, Infosys, SBI Also Hit

The combined market valuation of eight of the top-10 most valued firms witnessed a significant drop of ₹2,01,699.77 crore last week, with Reliance Industries and Tata Consultancy Services (TCS) emerging as the biggest losers. This decline was in line with the weak trends seen in the broader equities market. During the same week, the benchmark index of the Bombay Stock Exchange (BSE) dropped by 1,181.84 points, or 1.43%, highlighting a challenging period for these major companies.

Reliance Industries:

Reliance Industries experienced the largest decline in market valuation among the top companies, losing ₹60,824.68 crore. As a result, the total valuation of Reliance Industries stood at ₹19,82,282.42 crore by the end of the week. Despite this sharp drop, Reliance Industries continued to maintain its position as the most valuable domestic firm in India.

Tata Consultancy Services (TCS):

TCS, the second-largest company in terms of market value, also saw a substantial drop in its valuation. The company’s market capitalization decreased by ₹34,136.66 crore, bringing its total value to ₹16,12,762.51 crore. TCS’s performance reflected the overall downward trend in the stock market during the week.

State Bank of India (SBI):

SBI, India’s largest public sector bank, saw its market valuation decline by ₹29,495.84 crore, reducing its overall market value to ₹6,98,440.13 crore. This decline was in line with the broader negative sentiment in the banking sector.

Bharti Airtel:

Telecom giant Bharti Airtel also faced a significant loss in market value, with a decrease of ₹28,379.54 crore. This brought its total market capitalization down to ₹8,76,207.58 crore.

Infosys:

Infosys, another key player in the Indian IT sector, saw its market capitalization shrink by ₹17,061.44 crore, bringing its total value to ₹7,89,819.06 crore.

Life Insurance Corporation (LIC):

LIC, India’s largest insurance company, also witnessed a decline in its market value. LIC’s valuation fell by ₹16,381.74 crore, resulting in a total market value of ₹6,57,009.14 crore.

ICICI Bank:

ICICI Bank, one of India’s leading private sector banks, faced a decline of ₹15,169.76 crore in its market capitalization, bringing its overall valuation down to ₹8,51,204.65 crore.

ITC:

Although ITC saw a much smaller decline compared to others, the company’s market capitalization still dropped by ₹250.11 crore, resulting in a total value of ₹6,27,337.65 crore.

Positive Performers:

On the positive side, Hindustan Unilever Limited (HUL) and HDFC Bank were the only two companies among the top 10 that saw an increase in their market valuations. HUL’s market capitalization grew by ₹14,179.78 crore, bringing its total value to ₹6,66,919.73 crore. HDFC Bank’s market capitalization increased by ₹3,735.35 crore, reaching ₹12,47,941.78 crore.

Conclusion:

Despite the challenging week, Reliance Industries retained its position as the most valued firm in India, followed by TCS and HDFC Bank. Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC, and ITC rounded out the list of the top 10 most valuable companies in the country. This week’s overall decline reflects the broader market weakness, as the BSE benchmark index faced significant selling pressure.