Seven of top 10 valued firms lose Rs 88,600 crore; Airtel, TCS lead decline

India’s biggest companies witnessed a sharp dip in market wealth last week, with seven of the ten most-valued firms together losing Rs 88,635 crore in market capitalisation. The fall was largely driven by weakness in telecom and technology counters, which weighed on the broader equity indices through a holiday-shortened trading week.

The Sensex dropped 722 points, or 0.86 per cent, while the Nifty 50 declined 230 points, or 0.89 per cent. Market participants attributed the cautious tone to persistent foreign fund outflows and subdued global sentiment, as investors turned risk-averse after mixed international cues.

Airtel and TCS suffer steep declines

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Bharti Airtel and Tata Consultancy Services (TCS) were the biggest drags on market capitalisation among the top ten firms. Airtel’s valuation fell by Rs 30,506 crore to Rs 11.41 lakh crore, while TCS slipped Rs 23,680 crore to Rs 10.82 lakh crore. Together, the two accounted for more than half of the total erosion in value recorded during the week.

The decline in these heavyweights also contributed significantly to the broader market weakness, reflecting pressure on telecom and IT sectors that have recently seen profit-booking after a strong run in previous months.

FMCG, energy and banking shares under strain

Among other large companies, Hindustan Unilever’s market value dropped Rs 12,253 crore to Rs 5.67 lakh crore, while Reliance Industries — still India’s most valued firm — saw a dip of Rs 11,164 crore, closing the week with a market capitalisation of Rs 20 lakh crore.

HDFC Bank’s valuation fell Rs 7,304 crore to Rs 15.11 lakh crore, while Infosys lost Rs 2,139 crore. ICICI Bank too recorded a decline of Rs 1,588 crore. The weakness in these stocks reflected a consolidation phase in large-caps, following steady gains over the past few weeks.

Financials and insurance stocks buck the trend

Amid the overall downtrend, a few financial names posted solid gains, helping cushion broader losses. Life Insurance Corporation of India (LIC) added Rs 18,469 crore in market capitalisation to reach Rs 5.84 lakh crore. State Bank of India (SBI) advanced Rs 17,492 crore to Rs 8.82 lakh crore, supported by continued strength in loan growth and stable credit quality.

Bajaj Finance also gained Rs 14,965 crore, taking its market value to Rs 6.63 lakh crore. The resilience in select financial stocks reflected continued investor confidence in the sector’s medium-term growth prospects, despite overall market consolidation.

Reliance remains India’s most valued company

Reliance Industries retained its position as India’s most valued company, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, SBI, Bajaj Finance, Infosys, LIC and Hindustan Unilever. Despite the week’s declines, the overall rankings of the top ten remained unchanged.