The combined market valuation of the top-10 domestic firms eroded sharply by ₹4.48 lakh crore last week, in tandem with a steep decline in equities, with banking majors State Bank of India and HDFC Bank taking the biggest hit.
Last week, the benchmark Sensex tanked 4,354.98 points or 5.51 per cent, and the NSE Nifty dropped 1,299.35 points or 5.31 per cent as surging crude prices raised concerns over inflationary pressures and global economic stability amid the widening conflict in West Asia.
“The primary driver behind the market weakness was the sustained rise in crude oil prices following the escalating conflict between Iran, the United States and Israel. Brent crude surged past USD 101 per barrel, raising concerns over India’s fiscal position and inflation outlook,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The market valuation of State Bank of India tumbled ₹89,306.22 crore to ₹9,66,261.05 crore.
faced an erosion of ₹61,715.32 crore to ₹12,57,391.76 crore.
The valuation of Bajaj Finance dived ₹59,082.49 crore to ₹5,32,053.54 crore and that of Tata Consultancy Services (TCS) tanked ₹53,312.52 crore to ₹8,72,067.63 crore.
The market capitalisation (mcap) of ICICI Bank dropped by ₹42,205.04 crore to ₹8,97,844.78 crore and that of Bharti Airtel plunged ₹38,688.78 crore to ₹10,28,431.72 crore.
Reliance Industries’ valuation fell by ₹33,289.88 crore to ₹18,68,293.17 crore.
The mcap of LIC diminished by ₹31,245.49 crore to ₹4,88,985.57 crore and that of Infosys declined by ₹24,230.96 crore to ₹5,06,315.58 crore.
Hindustan Unilever’s mcap dipped by ₹15,401.57 crore to ₹5,07,640.94 crore.
remained the most valued domestic firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Hindustan Unilever, Infosys and LIC.