Mcap of 8 of top-10 firms erodes by Rs 1.55L cr
Recently, the market witnessed a downturn, with eight of the leading firms in India suffering major valuation losses. The declines of HDFC Bank and Bajaj Finance were particularly striking. The BSE Sensex plummeted by 1,605.44 points, indicating a bearish atmosphere across equities. While Tata Consultancy Services and Larsen & Toubro showed some gains, the overall trend remained negative.
The combined market valuation of eight of the ten most valuable firms experienced a significant decline last week, with HDFC Bank and Bajaj Finance being the primary contributors to the losses. The BSE Sensex and NSE Nifty both suffered sharp declines, with the former falling 2.15 percent and the latter dropping 2.36 percent over a short trading week.
In a four-day period, the total market capitalization of BSE-listed firms fell by Rs 20,78,774.28 crore, reaching Rs 4,51,83,393.14 crore from the previous level of Rs 4,72,62,167.42 crore on October 16. Of the top ten listed companies, eight recorded losses amounting to Rs 1,55,671.9 crore, while Tata Consultancy Services and Larsen & Toubro posted gains.
Major losers included HDFC Bank, which saw its market valuation plummet by Rs 55,506.95 crore to Rs 10,67,121.12 crore, and Bajaj Finance, whose valuation eroded by Rs 34,180.51 crore to Rs 5,77,146.21 crore. Other notable declines were observed in Reliance Industries (-Rs 27,065.08 crore), Life Insurance Corporation of India (-Rs 21,062.24 crore), Bharti Airtel (-Rs 9,360.75 crore), State Bank of India (-Rs 4,338.46 crore), Infosys (-Rs 2,881.38 crore), and ICICI Bank (-Rs 1,276.53 crore).
Conversely, Tata Consultancy Services and Larsen & Toubro experienced significant gains, with their market capitalizations rising by Rs 23,517.56 crore and Rs 1,788.66 crore, respectively.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
