Market rout: 7 of top-10 valued firms see Rs 1.25 lakh crore erosion
Mumbai, June 7
The combined market valuation of seven of the country's top-10 most valued companies declined by Rs 1.25 lakh crore last week.
During the same period, the Sensex fell 532.4 points, or 0.71 per cent, while the Nifty slipped 181.05 points, or 0.76 per cent.
Among the major laggards, Reliance Industries Limited saw the sharpest erosion, with its market capitalisation falling by Rs 39,718 crore to Rs 17,47,321.40 crore.
The stock continued to remain the most valued listed company in the country despite the decline.
Tata Consultancy Services also witnessed a significant drop in valuation, losing Rs 20,134.66 crore to settle at Rs 7,95,346.09 crore.
Similarly, Bharti Airtel saw its market capitalisation decline by Rs 18,736.04 crore, bringing it down to Rs 10,96,150.49 crore.
Infrastructure major Larsen & Toubro also faced pressure, with its valuation slipping Rs 16,880.2 crore to Rs 5,43,956.44 crore.
Insurance giant Life Insurance Corporation of India lost Rs 14,610.74 crore, taking its market value down to Rs 5,05,873.32 crore.
In the financial sector, Bajaj Finance saw a decline of Rs 9,681.36 crore, while Hindustan Unilever Limited lost Rs 5,909.23 crore in market capitalisation over the week.
However, a few large-cap banking stocks provided some support to the market. State Bank of India gained Rs 12,692.09 crore in valuation, rising to Rs 9,02,523.63 crore.
ICICI Bank added Rs 4,484.86 crore to its market capitalisation, while HDFC Bank climbed Rs 4,101.47 crore, taking its valuation to Rs 11,50,743.31 crore.
Despite the mixed performance, Reliance Industries retained its position as the most valued domestic company, followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, LIC, and Hindustan Unilever among the top-10 firms by market capitalisation.
— IANS
Reader Comments
Interesting to see SBI bucking the trend with a gain - shows how dynamic our banking sector is. But I'm concerned about the retail investors who jumped in at peak prices. Need more financial literacy in India for small investors.
Every time the market falls, people panic unnecessarily! Look at HDFC Bank and ICICI Bank - they actually gained. This is normal market behavior. My father who's been investing for 30 years says don't check portfolio every day. Wise words. 😊
The market is just reacting to global cues. But why is LIC falling? Thought the government would ensure it stays stable after the IPO. Retail investors like me who put money in LIC are worried now. Need more transparency from listed PSUs.
Classic buy-the-dip opportunity for those with cash on hand! The companies losing value - RIL, TCS, L&T - are industry leaders with solid fundamentals. A 0.71% Sensex drop is barely a blip. Stay invested, stay positive! 🇮🇳
My mutual fund SIPs are still running strong through this dip! Day-to-day fluctuations don't matter for long-term wealth creation. But I wish financial news would focus on constructive advice rather than just reporting scary numbers. Patience, people! 💪
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