The combined market valuation of six of the top 10 valued firms eroded by more than Rs 3 lakh crore last week, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest laggards amid a bearish trend in equities.
The BSE benchmark declined by 953.64 points, or 1.14 per cent, over the past week.
TCS, Infosys, HDFC Bank, Reliance Industries, Life Insurance Corporation of India (LIC), and Bharti Airtel faced erosion from their valuation, while State Bank of India, Bajaj Finance, Larsen & Toubro and ICICI Bank were the gainers.
The market valuation of TCS tumbled Rs 90,198.92 crore to Rs 9,74,043.43 crore, while Infosys’ valuation eroded by Rs 70,780.23 crore to Rs 5,55,287.72 crore.
Banking and Telecom Stocks Also Under Pressure
The market valuation of HDFC Bank declined by Rs 54,627.71 crore to Rs 13,93,621.92 crore, and that of Reliance Industries plunged by Rs 41,883 crore to Rs 19,21,475.79 crore.
Life Insurance Corporation of India’s market capitalisation (mcap) dropped by Rs 23,971.74 crore to Rs 5,46,226.80 crore, and that of Bharti Airtel declined by Rs 19,244.61 crore to Rs 11,43,044.03 crore.
SBI, Bajaj Finance and L&T Buck the Trend
However, the valuation of State Bank of India (SBI) jumped Rs 1,22,213.38 crore to Rs 11,06,566.44 crore.
Shares of Bajaj Finance saw a strong rally during the week, helping the company add Rs 26,414.44 crore to its overall market valuation. With this jump, its total market capitalisation rose to Rs 6,37,244.64 crore. The stock attracted positive investor interest even as broader market sentiment remained mixed.
Similarly, Larsen & Toubro also recorded steady gains. The company’s market value increased by Rs 14,483.9 crore, taking its total valuation to Rs 5,74,028.93 crore. The rise reflects continued confidence among investors in the company’s business performance and growth outlook.
ICICI Bank’s mcap rose by Rs 5,719.95 crore to Rs 10,11,978.77 crore.
Reliance Industries remained the most valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Infosys, and Life Insurance Corporation of India.