Top 10 Firms Lose ₹1.25 Lakh Crore in Market Value; Reliance Hit Hardest
Mcap of 7 of top-10 most valued firms erodes by ₹1.25 lakh cr; Reliance takes biggest hit
The Hindu
Image: The Hindu
Last week, the combined market capitalization of seven of the top ten most valued firms in India fell by ₹1.25 lakh crore, primarily due to Reliance Industries' significant loss of ₹39,718 crore. The decline was influenced by persistent foreign institutional investor selling and concerns over monsoon progress.
- 01Reliance Industries experienced the largest drop in market valuation, losing ₹39,718 crore, bringing its total to ₹17,47,321.40 crore.
- 02Tata Consultancy Services (TCS) and Bharti Airtel also saw significant losses of ₹20,134.66 crore and ₹18,736.04 crore, respectively.
- 03Despite the losses in seven firms, State Bank of India, ICICI Bank, and HDFC Bank recorded gains in their market capitalization.
- 04The BSE Sensex fell by 532.4 points, or 0.71%, while the NSE Nifty decreased by 181.05 points, or 0.76% last week.
- 05Market sentiment was negatively impacted by ongoing foreign institutional investor selling, despite positive factors like lower crude oil prices.
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The market valuation of seven of India's top ten most valued firms decreased by ₹1.25 lakh crore last week, largely driven by a bearish trend in equities. Reliance Industries faced the steepest decline, losing ₹39,718 crore, with its valuation now at ₹17,47,321.40 crore. Other firms like Tata Consultancy Services (TCS) and Bharti Airtel also suffered significant losses, with TCS's market value dropping by ₹20,134.66 crore to ₹7,95,346.09 crore and Bharti Airtel's by ₹18,736.04 crore to ₹10,96,150.49 crore. The overall market decline was reflected in the BSE benchmark Sensex, which fell by 532.4 points, or 0.71%, and the NSE Nifty, which dipped by 181.05 points, or 0.76%. Analysts attributed the market's downturn to persistent selling by foreign institutional investors, despite some supportive developments such as falling crude oil prices and a strengthening rupee. In contrast, State Bank of India, ICICI Bank, and HDFC Bank were among the few firms that reported gains in their market capitalization during the same period.
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The significant drop in market capitalization affects investor confidence and may lead to decreased investment in the affected firms.
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