Mumbai (IANS): A wave of bearish sentiment swept through Dalal Street last week, wiping out over ₹2,05,343 crore from the combined market valuation of seven of India’s top 10 most-valued companies. Tata Consultancy Services (TCS) and Reliance Industries were hit the hardest, reflecting broader global anxieties and cautious domestic earnings reports.
The Weekly Slide
The benchmark indices saw significant erosion during the week:
- Sensex: Plunged 1,829.33 points (2.33%)
- Nifty: Declined 455.6 points (1.87%)
Market analysts attribute this volatility to escalating geopolitical tensions in West Asia, which have kept crude oil prices volatile, and conservative forward-looking statements from major IT firms following recent quarterly results.
Winners and Losers
The Laggards: TCS recorded the steepest fall, losing ₹66,699.44 crore in value. Reliance Industries followed, with its market cap shrinking by over ₹50,670 crore. Other major firms that saw valuation drops included HDFC Bank, LIC, Bharti Airtel, ICICI Bank, and Larsen & Toubro.
The Gainers: Defying the trend, three companies managed to add value to their market caps:
- Hindustan Unilever (HUL): Gained ₹20,652.91 crore.
- State Bank of India (SBI): Added ₹19,522.76 crore.
- Bajaj Finance: Increased by ₹8,253.64 crore.
Current Valuation Rankings
Despite the weekly turbulence, Reliance Industries remains India’s most valued company, followed by HDFC Bank and Bharti Airtel.
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