Market Meltdown: Mcap of nine of top-10 most valued firms erodes by ₹4.74 lakh crore, Reliance, HDFC worse hit | Stock Market News
Source: Live Mint
In a tumultuous week for Indian markets, nine out of the top ten most valuable companies in India saw their market capitalization plummet by a staggering ₹4,74,906.18 crore. This significant erosion in value came as the broader market faced severe headwinds, with the BSE benchmark index plunging by 3,883.4 points, or 4.53 per cent, in a holiday-shortened trading week, as per PTI report.
The downturn was primarily attributed to escalating tensions in the Middle East and a notable exodus of foreign funds from Indian equities. Among the hardest hit was Reliance Industries, India’s most valuable company, which saw its market value shrink by ₹1,88,479.36 crore to ₹18,76,718.24 crore, the report added.
HDFC Bank, another heavyweight, wasn’t spared either, with its valuation dropping by ₹72,919.58 crore to ₹12,64,267.35 crore. Bharti Airtel and ICICI Bank also felt the heat, losing ₹53,800.31 crore and ₹47,461.13 crore in market cap, respectively, as per the report.
Other major corporations facing significant devaluations included Life Insurance Corporation of India (LIC), Hindustan Unilever, ITC, and Tata Consultancy Services (TCS). State Bank of India saw a comparatively smaller dip of ₹5,399.39 crore in its market value.
Interestingly, Infosys emerged as the sole gainer among the top ten, with its market capitalization increasing by ₹4,629.64 crore to reach ₹7,96,527.08 crore.
Despite the substantial losses, the pecking order of India’s most valuable companies remained largely unchanged. Reliance Industries maintained its top position, followed by TCS, HDFC Bank, Bharti Airtel, and ICICI Bank rounding out the top five.
This market turbulence serves as a stark reminder of the vulnerabilities in even the most robust economies to global geopolitical events and shifting investor sentiments. As the situation continues to evolve, market watchers will be keenly observing how these corporate giants navigate through these challenging times.
