Bajaj Finance’s market capitalisation fell by over Rs 14,000 crore last week as weak market sentiment dragged down most of India’s top-valued companies.Millennial media consulting
The sharp fall came amid a broader sell-off in equities, driven by global uncertainties, foreign investor outflows and pressure on the rupee.
The combined market valuation of nine of the top-10 most valued companies declined by Rs 2.51 lakh crore last week — reflecting a sharp downturn in the stock market.
Bajaj Finance was among the major losers, with its market capitalisation slipping by Rs 14,093.93 crore to Rs 5,77,353.23 crore.
The benchmark Sensex witnessed heavy selling pressure during the week and fell by 2,032.65 points, or 2.43 per cent.
Market experts said negative global cues, continuous selling by foreign institutional investors, a weakening rupee and muted corporate earnings weighed heavily on investor sentiment.
Ajit Mishra, Senior Vice President of Research at Religare Broking, said the markets saw a sharp sell-off with bears firmly in control throughout the week due to multiple domestic and global concerns.
Reliance Industries suffered the biggest blow among the top companies, with its market valuation plunging by Rs 96,960.17 crore to Rs 18,75,533.04 crore.
ICICI Bank’s valuation declined by Rs 48,644.99 crore to Rs 9,60,825.29 crore, while HDFC Bank lost Rs 22,923.02 crore, taking its market value to Rs 14,09,611.89 crore.
Bharti Airtel’s market capitalisation dropped by Rs 17,533.97 crore to Rs 11,32,010.46 crore. Tata Consultancy Services saw its valuation fall by Rs 16,588.93 crore to Rs 11,43,623.19 crore, and Larsen & Toubro lost Rs 15,248.32 crore to settle at Rs 5,15,161.91 crore.
State Bank of India’s market value slipped by Rs 11,907.5 crore to Rs 9,50,199.77 crore, while Infosys saw a decline of Rs 7,810.77 crore, taking its valuation to Rs 6,94,078.82 crore.
In contrast, Hindustan Unilever emerged as the only gainer among the top-10 firms, with its market capitalisation rising by Rs 12,311.86 crore to Rs 5,66,733.16 crore.
Despite the weekly losses, Reliance Industries remained India’s most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.
