The combined market valuation of all the top-10 most valued firms slumped ₹4,95,061 crore last week, in line with a bearish trend in equities, where Tata Consultancy Services and Reliance Industries faced the sharpest erosion.
Last week, the BSE benchmark tanked 4,091.53 points or 4.98 per cent.
“The Indian equity market recorded its steepest weekly decline since June 2022, with the Nifty losing 4.77 per cent. The week began with the US Federal Reserve’s announcement, which significantly altered market sentiment,” Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said.
“Led by Chair Jerome Powell, the Federal Reserve revised its outlook to only two rate cuts in 2025 instead of the previously anticipated four. This shift in policy dampened market confidence,” Gour added.
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The market capitalisation (mcap) of Tata Consultancy Services (TCS) plunged ₹1,10,550.66 crore to ₹15,08,036.97 crore.
The valuation of Reliance Industries tumbled ₹91,140.53 crore to ₹16,32,004.17 crore.
HDFC Bank’s market valuation eroded by ₹76,448.71 crore to ₹13,54,709.35 crore and that of Bharti Airtel tanked ₹59,055.42 crore to ₹8,98,786.98 crore.
The mcap of State Bank of India plunged ₹43,909.13 crore to ₹7,25,125.38 crore and that of ICICI Bank diminished by ₹41,857.33 crore to ₹9,07,449.04 crore.
The valuation of Infosys plummeted ₹32,300.2 crore to ₹7,98,086.90 crore and that of Life Insurance Corporation of India (LIC) fell by ₹20,050.25 crore to ₹5,69,819.04 crore.
Hindustan Unilever’s mcap declined by ₹12,805.27 crore to ₹5,48,617.81 crore and that of ITC went lower by ₹6,943.5 crore to ₹5,81,252.32 crore.
In the ranking of the top-10 firms, Reliance Industries retained the most valued firm title followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC and Hindustan Unilever.