Market recap: Eight of top 10 firms lose Rs 1.55 lakh crore
Eight of India's top 10 most valuable companies saw a combined market valuation decline of Rs 1.55 lakh crore last week amid a broader market downturn. HDFC Bank and Bajaj Finance were the largest decliners, while TCS and L&T bucked the trend with gains.
Why it matters
The data reflects investor sentiment and the volatility of the Indian stock market during a period of significant index correction.
NEW DELHI: The combined market valuation of eight of India’s top 10 most valuable companies declined by Rs 1.55 lakh crore last week, with HDFC Bank and Bajaj Finance emerging as the biggest losers. Tata Consultancy Services (TCS) and Larsen & Toubro (L&T) were the only two firms in the top 10 to record gains in their market capitalisation.The decline came as benchmark equity indices registered sharp losses during a holiday-truncated week. The 30-share BSE Sensex fell 1,605.44 points, or 2.15 per cent, while the 50-share NSE Nifty dropped 546.15 points, or 2.36 per cent.Reflecting the weak performance of equities, the total market capitalisation of BSE-listed companies declined by Rs 20,78,774.28 crore over four trading sessions to Rs 4,51,83,393.14 crore. The figure stood at Rs 4,72,62,167.42 crore on October 16.Among the eight companies that reported a decline in valuation, HDFC Bank recorded the steepest fall.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in