The combined market valuation of five of India’s top-10 most valued firms saw a significant erosion of Rs 1.85 lakh crore last week, with HDFC Bank being the hardest hit in the decline. The drop in valuations is primarily attributed to weaker equity market performance, as reflected in the broader market downturn.The benchmark BSE index plunged by 1,844.2 points, or 2.32 per cent, while the Nifty experienced a similar drop, falling by 573.25 points, or 2.38 per cent, signaling growing market uncertainty.
Among the companies facing significant erosion in market capitalization were HDFC Bank, Reliance Industries, ICICI Bank, State Bank of India (SBI), and ITC. HDFC Bank took the biggest hit, with its market value dropping by Rs 70,479.23 crore, bringing its total valuation down to Rs 12,67,440.61 crore.
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ITC, the Kolkata-based diversified company, saw its valuation dip by Rs 46,481 crore to Rs 5,56,583.44 crore, while SBI’s market cap fell by Rs 44,935.46 crore, reaching Rs 6,63,233.14 crore. Reliance Industries, the most valued firm in India, lost Rs 12,179.13 crore, leaving its market cap at Rs 16,81,194.35 crore.
ICICI Bank also saw a decline in its valuation, which dropped by Rs 11,877.49 crore to Rs 8,81,501.01 crore.
Despite these losses, a few companies within the top-10 list managed to post gains. Tata Consultancy Services (TCS), the second most valuable company in the country, saw its market cap surge by Rs 60,168.79 crore, reaching Rs 15,43,313.32 crore.
TCS’ shares rose nearly 6 per cent on Friday following a strong report showing an 11.95 per cent increase in its December-quarter net profit, which reached Rs 12,380 crore.
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HCL Technologies also experienced a notable jump in its market capitalization, gaining Rs 13,120.58 crore to reach Rs 5,41,539.01 crore. Infosys saw its valuation rise by Rs 11,792.44 crore, bringing it to Rs 8,16,626.78 crore, while Bharti Airtel added Rs 8,999.41 crore, reaching a valuation of Rs 9,19,933.99 crore. Hindustan Unilever’s market cap also climbed by Rs 8,564.26 crore, bringing its total valuation to Rs 5,73,758.44 crore.
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