Top 10 firms lose Rs 3.12 lakh crore in market value; Reliance Industries suffers biggest decline

India’s top 10 most-valued companies together lost Rs 3.12 lakh crore in market capitalisation last week amid a sharp sell-off in equities, with Reliance Industries emerging as the biggest laggard. The decline came as benchmark indices witnessed heavy losses due to geopolitical tensions, inflation concerns and weakness in the rupee.

According to market data, the 30-share BSE Sensex plunged 2,090.2 points, or 2.7 per cent, during the week, while the NSE Nifty declined 532.65 points, or 2.2 per cent. Analysts attributed the weak market sentiment to rising tensions in West Asia, volatility in global crude oil prices and persistent concerns over inflationary pressures.

Reliance Industries saw the sharpest erosion in market valuation, with its market capitalisation falling by Rs 1,34,445.77 crore to Rs 18,08,420.81 crore. Despite the decline, the Mukesh Ambani-led conglomerate continued to remain India’s most-valued company.

Other major losers included State Bank of India, whose valuation dropped by Rs 52,245.3 crore, and Tata Consultancy Services (TCS), which lost Rs 47,415.04 crore in market value. The market capitalisations of Bajaj Finance, HDFC Bank, ICICI Bank, Larsen & Toubro, Hindustan Unilever and Life Insurance Corporation of India also witnessed declines during the week.

Amid the broader market weakness, Bharti Airtel emerged as the only gainer among the top 10 firms. Its market valuation jumped by Rs 42,470.13 crore to Rs 11.60 lakh crore.

Market experts said investor sentiment remained cautious due to uncertainties in global markets and concerns over energy prices after tensions escalated around the Strait of Hormuz, a key global oil trade route. Rising crude oil prices and fears of supply disruptions have added pressure on equity markets worldwide.

(With inputs from IANS)