The combined market valuation of the top seven out of ten most valued firms in India has fallen by Rs 77,434.98 crore ($10.4 billion) last week, as per recent reports. This decline comes in line with the muted trend in the country’s equities market. Notably, ITC and HDFC Bank have suffered the most significant hit to their market valuations.
The BSE benchmark index, which serves as a gauge for the overall market performance, dropped by 524.06 points or 0.78% during the same period. Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, ITC, and Bajaj Finance Limited were the primary laggards among the top ten firms. However, Infosys, State Bank of India, and Bharti Airtel managed to register gains in their market capitalization.
ITC, a conglomerate in diverse sectors such as FMCG and hotels, witnessed the steepest decline in market valuation, plummeting by Rs 26,192.05 crore ($3.5 billion) to Rs 5,83,732.19 crore ($78.3 billion). HDFC Bank, one of the largest private sector lenders in the country, saw its market capitalization decline by Rs 22,747.89 crore ($3.05 billion) to Rs 12,40,322.63 crore ($166.5 billion). Bajaj Finance also suffered a significant drop, with its market valuation plunging by Rs 12,127.47 crore ($1.63 billion) to Rs 4,47,298.52 crore ($60 billion).
Reliance Industries, the conglomerate led by Asia’s richest man Mukesh Ambani, witnessed a decline of Rs 5,818.43 crore ($779 million) in market valuation, bringing it down to Rs 17,10,076.74 crore ($229.6 billion). Similarly, TCS, India’s largest software services company, experienced a dip of Rs 5,214.15 crore ($699.8 million) in its market capitalization, settling at Rs 12,27,739.80 crore ($164.7 billion).
Hindustan Unilever, ICICI Bank, and Bharti Airtel also recorded a decline in market valuation. Hindustan Unilever’s market capitalization eroded by Rs 4,417.23 crore ($593 million) to Rs 6,07,369.34 crore ($81.5 billion), while ICICI Bank’s valuation dipped by Rs 917.76 crore ($123 million) to Rs 6,96,495.74 crore ($93.5 billion). However, Bharti Airtel managed to buck the trend, with its market valuation increasing by Rs 5,643.3 crore ($757.4 million) to Rs 5,00,369.30 crore ($67 billion).
Meanwhile, Infosys and State Bank of India also witnessed gains. Infosys’ market capitalization climbed by Rs 4,129.44 crore ($554.8 million) to Rs 5,56,271.03 crore ($74.7 billion), and State Bank of India saw an increase of Rs 981.71 crore ($131.7 million) to Rs 5,49,800.72 crore ($73.8 billion).
In the ranking of the top ten companies, Reliance Industries continues to hold the title of the most valued firm, followed by HDFC Bank, TCS, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, Bharti Airtel, and Bajaj Finance.
These market fluctuations highlight the volatility in the Indian equities market and the challenges faced by companies across various sectors. As the economy navigates through uncertain times, investors and market analysts will be closely monitoring the performance of these top firms to gauge the overall market sentiment and direction.
