The combined market valuation of India’s top-10 most valued companies shrank by Rs 2,99,661.36 crore last week, mirroring a bearish trend in equities, with IT bellwether Tata Consultancy Services (
TCS) bearing the brunt.
The BSE benchmark tanked 2,199.77 points or 2.66 per cent during the week, as investor sentiment was rattled by a series of domestic and global developments, PTI reported.
“A sharp hike in H-1B visa fees triggered heavy selling in technology stocks, while the Indian rupee slipped to a record low against the US dollar, adding to market pressure. Further, the imposition of 100 per cent tariffs on branded and patented pharmaceutical imports to the US dampened sentiment across sectors, weighing heavily on market confidence,” said Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm.
Among the top-10 firms, TCS saw its market valuation tumble by Rs 97,597.91 crore to Rs 10,49,281.56 crore, the steepest decline in the group. Reliance Industries’ valuation dropped Rs 40,462.09 crore to Rs 18,64,436.42 crore, while Infosys lost Rs 38,095.78 crore to Rs 6,01,805.25 crore.
HDFC Bank’s market capitalisation fell by Rs 33,032.97 crore to Rs 14,51,783.29 crore, and ICICI Bank’s mcap declined Rs 29,646.78 crore to Rs 9,72,007.68 crore. Bharti Airtel’s valuation dipped Rs 26,030.11 crore to Rs 10,92,922.53 crore, while Life Insurance Corporation of India (LIC) dropped Rs 13,693.62 crore to Rs 5,51,919.30 crore.
Other declines included Hindustan Unilever (down Rs 11,278.04 crore to Rs 5,89,947.12 crore), Bajaj Finance (down Rs 4,977.99 crore to Rs 6,12,914.73 crore), and State Bank of India (down Rs 4,846.07 crore to Rs 7,91,063.93 crore).
Despite the corrections, Reliance Industries retained its position as India’s most valued company, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever, and LIC.
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