During the holiday-shortened week, the ten most valued companies in India’s domestic equity market collectively lost a significant amount of market capitalization. Nine out of the ten companies saw their values decline, with Tata Consultancy Services (TCS) suffering the largest decline.
TCS’s market value fell by ₹1,10,351.67 crore to ₹11,93,769.89 crore, while Reliance Industries’ market cap declined by ₹95,132.58 crore to ₹16,30,244.96 crore. Infosys, Bajaj Finance, ICICI Bank, HDFC Bank, Hindustan Unilever Ltd (HUL), and State Bank of India (SBI) also saw their market values decline. ITC was the only exception, but even it saw a small decline.
The losses were widespread, with the BSE Sensex falling by 2,050.23 points (2.64%) and the NSE Nifty sliding by 614.8 points (2.61%).
Despite the losses, the top-10 most valued companies remained largely unchanged. Reliance Industries remained the most valuable company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Bajaj Finance, HUL, and ITC. Bharti Airtel was the only company on the list to gain, with its market capitalization increasing by ₹7,013.59 crore to ₹9,94,019.51 crore.
The losses likely reflected broader market conditions, with the Sensex and Nifty both falling during the week. The declines in the market values of the top-10 companies underscore the importance of market volatility and the impact it can have on the value of even the largest and most established companies.