Top 10 Most-Valued Indian Companies See Rs 1.55 Lakh Crore Market Cap Loss: Reliance Leads Decline
In the week ended November 8, 2024, the total m-cap of six of the top-10 most-valued companies declined by Rs 1,55,721.12 crore. Reliance Industries' slide at the top reflected the weak trend in the broader equity market as the BSE benchmark index edged down by 237.8 points, or 0.29%.
The most-valued firm in India, Reliance Industries, bore the steepest drop in valuation terms. It had lost Rs 74,563.37 crore in market cap, and at Rs 17,37,556.68 crore, the figure settled. The market-wide erosion in valuation saw a huge part contributed by Reliance's drop but posed a more significant question in broader market sentiment given the weak equity trends.
Next was the loss in valuation that telecom major Bharti Airtel had witnessed, eroding its valuation by Rs 26,274.75 crore to Rs 8,94,024.60 crore. This has also been an important decline for ICICI Bank that witnessed a loss of Rs 22,254.79 crore to take its mcap to Rs 8,88,432.06 crore. In the other key companies, ITC's market capitalisation fell by Rs 15,449.47 crore to Rs 5,98,213.49 crore, Life Insurance Corporation of India (LIC) lost Rs 9,930.25 crore, settled at Rs 5,78,579.16 crore, and Hindustan Unilever (HUL) lost Rs 7,248.49 crore, and settled at Rs 5,89,160.01 crore.
Four of the top 10 firms report gain. Tata Consultancy Services (TCS) topped the gainer list with an addition of Rs 57,744.68 crore in the market valuation of Rs 14,99,697.28 crore. The Infosys came second with Rs 28,838.95 crore and took its m-cap to Rs 7,60,281.13 crore. The State Bank of India added Rs 19,812.65 crore and the HDFC Bank added Rs 14,678.09 crore taking its m-cap to Rs 13,40,754.74 crore.
From Reliance to TCS and HDFC Bank to Airtel, the top-most valued companies in India have always been constant drivers for market dynamics. The recent gyrations in the market capitalization bring to the fore investor sentiments, despite high valuations across the sectors. These movements in the market capitalization also act as an essential barometer in the progressing global market scenario of investor confidence in India's leading firms.
