The combined market capitalisation of India’s top 10 most valuable companies declined sharply by ₹4.48 lakh crore last week, reflecting the steep fall in the equity markets. Among the biggest losers were banking giants State Bank of India and HDFC Bank, which witnessed significant erosion in their market valuations.
Stock Market Sees Major Decline
During the week, the benchmark indices experienced a major downturn. The BSE Sensex dropped 4,354.98 points (5.51%), while the Nifty 50 fell 1,299.35 points (5.31%).
The market slump was largely attributed to rising crude oil prices and increasing geopolitical tensions in West Asia, which raised concerns about inflation and global economic stability.
Rising Crude Oil Prices Behind Market Weakness
According to Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, the continuous rise in crude oil prices was a key factor behind the market decline.
He noted that escalating tensions involving Iran, the United States, and Israel pushed Brent crude oil prices above $101 per barrel, increasing worries about India’s fiscal balance and inflation outlook.
Major Companies That Saw Market Value Decline
Among the top companies, State Bank of India suffered the biggest loss in market value, which dropped by ₹89,306.22 crore, bringing its valuation down to ₹9.66 lakh crore.
HDFC Bank also saw a significant erosion of ₹61,715.32 crore, reducing its market capitalisation to ₹12.57 lakh crore.
Other major companies that recorded notable declines include:
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Bajaj Finance – down ₹59,082.49 crore
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Tata Consultancy Services – down ₹53,312.52 crore
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ICICI Bank – down ₹42,205.04 crore
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Bharti Airtel – down ₹38,688.78 crore
Other Companies Also Affected
The market valuation of Reliance Industries declined by ₹33,289.88 crore, bringing its total market value to ₹18.68 lakh crore.
Similarly:
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Life Insurance Corporation of India lost ₹31,245.49 crore
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Infosys declined by ₹24,230.96 crore
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Hindustan Unilever saw a drop of ₹15,401.57 crore
Most Valuable Indian Companies
Despite the decline, Reliance Industries continued to hold its position as India’s most valuable company. It was followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Hindustan Unilever, Infosys, and Life Insurance Corporation of India.