The stock market’s volatility has impacted various sectors, with some companies managing to hold their ground better than others.
The owner and chairman of Reliance Industries, Mukesh Ambani, experienced a significant financial hit last week. The company’s market valuation dropped by over ₹22,000 crore, following a sharp fall in the stock market. Among the top 10 companies in India by market capitalization, eight witnessed a combined loss of ₹1,65,180.04 crore during the week. Due to a significant decline in the stock market, Reliance Industries faced a massive loss of ₹22,000 crore. Despite this setback, the conglomerate remains the most valuable company in India.
HDFC Bank and SBI
Private sector giant HDFC Bank and public sector leader State Bank of India (SBI) were among the worst affected. The Bombay Stock Exchange (BSE) Sensex fell by 1,906.01 points, or 2.39%, over the week. Notably, the stock market remained closed on Friday due to the Guru Nanak Jayanti holiday.
- State Bank of India (SBI): Its market valuation dropped by ₹34,984.51 crore, bringing it down to ₹7,17,584.07 crore.
- Hindustan Unilever: The FMCG major’s market cap decreased by ₹27,830.91 crore, settling at ₹5,61,329.10 crore.
- Reliance Industries: Mukesh Ambani’s flagship company saw its valuation decline by ₹22,057.77 crore, reducing its market cap to ₹17,15,498.91 crore.
Other Major Companies Impacted
- ITC: The market cap fell by ₹15,449.47 crore, closing at ₹5,82,764.02 crore.
- Bharti Airtel: The telecom giant lost ₹11,215.87 crore in market value, bringing it to ₹8,82,808.73 crore.
- Life Insurance Corporation (LIC): The valuation dropped by ₹4,079.62 crore, standing at ₹5,74,499.54 crore.
- ICICI Bank: Its market cap shrank by ₹2,832.38 crore, ending at ₹8,85,599.68 crore.
Infosys and TCS Report Gains
Interestingly, amidst the market downturn, Infosys and Tata Consultancy Services (TCS) bucked the trend with gains:
- Infosys: The company’s market valuation surged by ₹13,681.37 crore, reaching ₹7,73,962.50 crore.
- TCS: The IT giant saw a slight increase of ₹416.08 crore, bringing its market cap to ₹15,00,113.36 crore.
Top 10 Most Valuable Companies in India
Despite the losses, Reliance Industries maintained its position as the most valuable company in India. It was followed by Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India (SBI), ITC, Life Insurance Corporation (LIC), Hindustan Unilever
Reliance Industries, despite its significant loss, continues to lead as India’s most valuable company, showcasing resilience in challenging market conditions.
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