In New Delhi, India’s leading companies experienced significant wealth reduction last week, with seven out of the ten most-valued firms collectively losing Rs 88,635 crore in market capitalisation. This decline was primarily influenced by weaknesses in the telecom and IT sectors during a holiday-shortened trading week, which saw the Sensex drop by 722 points (0.86 percent) and the Nifty 50 decrease by 230 points (0.89 percent), continuing the trend of subdued equity performance. Bharti Airtel and Tata Consultancy Services (TCS) faced the largest losses, with Airtel’s market valuation falling by Rs 30,506 crore to Rs 11.41 lakh crore, and TCS losing Rs 23,680 crore, reducing its market capitalisation to Rs 10.82 lakh crore.
Together, these two companies accounted for over half of the total wealth reduction among the top ten firms. Other significant declines included Hindustan Unilever, which saw its valuation drop by Rs 12,253 crore to Rs 5.67 lakh crore, and Reliance Industries, which experienced a decrease of Rs 11,164 crore to settle at Rs 20 lakh crore. HDFC Bank’s market cap fell by Rs 7,304 crore to Rs 15.11 lakh crore, while Infosys and ICICI Bank lost Rs 2,139 crore and Rs 1,588 crore, respectively. However, some companies managed to perform well despite the overall market weakness.
Life Insurance Corporation of India (LIC) increased its valuation by Rs 18,469 crore, reaching Rs 5.84 lakh crore, while State Bank of India (SBI) gained Rs 17,492 crore, bringing its valuation to Rs 8.82 lakh crore. Bajaj Finance also rose by Rs 14,965 crore, with its valuation climbing to Rs 6.63 lakh crore. Despite the overall weekly decline, Reliance Industries maintained its position as the most valued company in the country, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, SBI, Bajaj Finance, Infosys, LIC, and Hindustan Unilever.
Market analysts indicated that the decrease in large-cap stocks reflects a cautious sentiment among investors due to global volatility and ongoing foreign fund outflows, although financials showed relative strength, mitigating broader losses in the equity market.