Top 7 firms lose over Rs 2 lakh crore in market cap

MUMBAI: The combined market valuation of seven of India’s top-10 most valued companies eroded by over Rs 2 lakh crore last week, with Reliance Industries and Tata Consultancy Services (TCS) emerging as the biggest laggards.

The downturn came in line with a bearish trend on Dalal Street, where the Sensex plunged 1,829.33 points, or 2.33 per cent, while the Nifty declined 455.6 points, or 1.87 per cent during the week.

Market sentiment remained under pressure after two consecutive weeks of gains.

According to market experts, the decline was driven by rising geopolitical tensions and weak earnings commentary from IT majors.

“Global developments continued to dictate market direction, particularly the uncertainty surrounding the West Asia crisis, which has kept crude oil prices elevated amid fears of supply disruptions,” he noted.

Amid this backdrop, the combined market capitalisation of seven of the top-10 firms dropped by Rs 2,05,343.06 crore.

Tata Consultancy Services saw the sharpest decline, with its valuation falling by Rs 66,699.44 crore to Rs 8,67,364.12 crore.

Reliance Industries followed closely, losing Rs 50,670.34 crore in market value to Rs 17,96,647.50 crore.

HDFC Bank’s valuation declined by Rs 23,090.05 crore to Rs 12,08,225.48 crore, while Life Insurance Corporation of India (LIC) saw its market cap drop by Rs 19,670.75 crore to Rs 5,13,020.56 crore.