Top firms’ market value drops Rs 2.8 lakh crore

Metro India News | NEW DELHI 

The combined market value of eight of India’s top ten most valuable companies fell by Rs 2,81,581 crore last week, with State Bank of India taking the largest hit. The decline came amid a weak trend in equities, as the BSE benchmark index dropped 2,368 points, or 2.91 per cent.

Experts say investor sentiment was weighed down by rising geopolitical tensions in West Asia and a sharp increase in crude oil prices. Ajit Mishra, SVP, Research, Religare Broking Ltd, said markets ended the holiday-shortened week with steep losses due to these concerns.

Among the top-10 firms, only Reliance Industries and Infosys saw gains. The market valuation of State Bank of India fell by Rs 53,953 crore to Rs 10,55,567 crore. ICICI Bank lost Rs 46,937 crore, while HDFC Bank declined by Rs 46,552 crore. Larsen & Toubro’s value dropped Rs 45,629 crore. Bajaj Finance, TCS, Hindustan Unilever, and Bharti Airtel also saw their market capitalisation fall significantly.

Reliance Industries gained Rs 14,750 crore, reaching Rs 19,01,583 crore, while Infosys rose by Rs 3,460 crore to Rs 5,30,547 crore. After the week’s changes, Reliance Industries remained the most valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Infosys, and Hindustan Unilever.

The losses highlight investor caution in the face of global uncertainties and rising commodity prices, particularly affecting banking and industrial stocks, while select IT and energy firms showed resilience.