In a holiday-shortened week, eight of the top 10 most-valued companies on the Indian stock market collectively lost Rs 1.65 lakh crore in market capitalization, with HDFC Bank and State Bank of India (SBI) witnessing the worst decline. The benchmark Sensex fell by 1,906.01 points, or 2.39 per cent, amid growing concerns over rising inflation and ongoing disappointments in corporate earnings, which dampened investor sentiment.
Also ReadUpcoming IPOs this week: Much awaited NTPC Green Energy IPO; SME see two IPOs
The market cap of HDFC Bank dropped by Rs 46,729.51 crore, settling at Rs 12,94,025.23 crore, while SBI saw a decline of Rs 34,984.51 crore, bringing its valuation down to Rs 7,17,584.07 crore. The companies that suffered significant losses included Hindustan Unilever, which saw a decline of Rs 27,830.91 crore, and Reliance Industries, which lost Rs 22,057.77 crore in valuation.
Also ReadZinka Logistics IPO closes on November 18; GMP low with maximum employees bidding
Notably, ITC and Bharti Airtel also experienced sharp declines in their market capitalization, falling by Rs 15,449.47 crore to Rs 5,82,764.02 crore and by Rs 11,215.87 crore to Rs 8,82,808.73 crore , respectively. However, there were a couple of positive movements such as Infosys saw an increase in its market cap by Rs 13,681.37 crore, while Tata Consultancy Services (TCS) added Rs 416.08 crore to its valuation.
Despite the overall market pressure, Reliance Industries retained its position as the most-valued domestic company, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, SBI, ITC, LIC, and Hindustan Unilever in the rankings.
(With PTI Inputs)
» Read More
