Top 10 Firms Lose ₹3.12 Lakh Crore in Market Capitalization; Reliance Industries Faces Major Decline
9 of top 10 valued firms lose Rs 3.12 lakh crore in m-cap; Reliance hardest hit
The Economic Times
Image: The Economic Times
Last week, nine of the top ten valued firms in India lost a combined market capitalization of ₹3.12 lakh crore, with Reliance Industries experiencing the largest drop of ₹1,34,445.77 crore. The decline was attributed to geopolitical tensions, a weakening rupee, and rising inflation, as the BSE Sensex fell by 2.7% and the NSE Nifty by 2.2%.
- 01Reliance Industries' market valuation fell to ₹18,08,420.81 crore after losing ₹1,34,445.77 crore.
- 02Only Bharti Airtel saw an increase in market value, gaining ₹42,470.13 crore to reach ₹11,60,525.16 crore.
- 03The BSE Sensex dropped by 2,090.2 points, while the NSE Nifty declined by 532.65 points last week.
- 04State Bank of India's valuation decreased by ₹52,245.3 crore, bringing it to ₹8,88,862.32 crore.
- 05Tata Consultancy Services (TCS) lost ₹47,415.04 crore, reducing its market capitalization to ₹8,19,062.65 crore.
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In a significant downturn, the combined market capitalization of nine of India's top ten valued firms plummeted by ₹3.12 lakh crore last week. Reliance Industries was hit hardest, with its valuation dropping by ₹1,34,445.77 crore to ₹18,08,420.81 crore. The decline in market value coincided with a 2,090.2-point drop in the BSE Sensex, or 2.7%, and a 532.65-point fall in the NSE Nifty, or 2.2%. Analysts attribute this downturn to ongoing geopolitical tensions in West Asia, a weakening Indian rupee, and rising inflationary pressures, particularly due to crude oil prices exceeding USD 105 per barrel. Other notable losses included State Bank of India, which saw a decrease of ₹52,245.3 crore in its valuation, and Tata Consultancy Services (TCS), which lost ₹47,415.04 crore. In contrast, Bharti Airtel was the sole gainer among the top ten firms, increasing its market value by ₹42,470.13 crore.
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This significant market downturn may lead to reduced investment and increased caution among investors, affecting overall economic sentiment.
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