India's top companies saw a sharp erosion in wealth last week as seven of the ten most-valued firms collectively lost Rs 88,635 crore in market capitalisation this week, dragged down by weakness in telecom and IT stocks.
The decline came amid a holiday-shortened trading week, which saw the Sensex fall 722 points (0.86 per cent) and the Nifty 50 slip 230 points (0.89 per cent), extending the subdued trend in equities.
Bharti Airtel and Tata Consultancy Services (TCS) were the biggest losers. Airtel's market valuation tumbled Rs 30,506 crore to Rs 11.41 lakh crore, while TCS shed Rs 23,680 crore, taking its market capitalisation to Rs 10.82 lakh crore.
Together, the two companies accounted for more than half of the total wealth erosion among the top ten firms.
Other major laggards included Hindustan Unilever, whose valuation decreased by Rs 12,253 crore to Rs 5.67 lakh crore, and Reliance Industries, which saw a decline of Rs 11,164 crore, settling at Rs 20 lakh crore.
HDFC Bank's mcap dipped Rs 7,304 crore to Rs 15.11 lakh crore, while Infosys and ICICI Bank lost Rs 2,139 crore and Rs 1,588 crore, respectively.
However, a few names managed to overpower the overall market weakness. Life Insurance Corporation of India (LIC) added Rs 18,469 crore in valuation, reaching Rs 5.84 lakh crore, while State Bank of India (SBI) gained Rs 17,492 crore to Rs 8.82 lakh crore.
Bajaj Finance also advanced Rs 14,965 crore, with its valuation rising to Rs 6.63 lakh crore.
Despite the weekly decline, Reliance Industries retained its top spot as the country's most valued company, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, SBI, Bajaj Finance, Infosys, LIC, and Hindustan Unilever.
Market watchers said the fall in large-cap stocks reflected a cautious mood among investors amid global volatility and sustained foreign fund outflows. Financials, however, continued to show relative strength, cushioning broader losses in the equity market.
(With inputs from IANS)
