Seven top Indian firms lose ₹1.13 lakh crore; Airtel, Reliance lead drop
₹1.13 lakh crore wiped off seven top Indian firms. Bharti Airtel and Reliance led the declines as the Sensex fell for a third straight week. TCS, ICICI Bank and SBI gained.
Seven of India's ten most valuable companies lost a combined ₹1.13 lakh crore in market capitalisation last week, with Bharti Airtel and Reliance Industries bearing the brunt of the decline.
The BSE Sensex fell 276.32 points, or 0.35%, over the week, while the Nifty 50 slipped 76.35 points, or 0.31%. It was the third straight week of losses for the benchmarks.
"Indian equity markets ended the week on a cautious note, extending their recent corrective phase as concerns over global interest rates, geopolitical uncertainty and volatility surrounding the new closing auction session weighed on investor sentiment," said Ajit Mishra, SVP of Research at Religare Broking Ltd. Markets recovered sharply on Friday, August 28, driven by buying in IT stocks after upbeat global tech cues, he added.
Among the losers, Bharti Airtel's market cap fell ₹40,500.85 crore to ₹11,74,462.30 crore. Reliance Industries shed ₹40,056.32 crore, dropping to ₹17,38,119.27 crore. HDFC Bank lost ₹11,558.35 crore to ₹11,09,600.70 crore, while Bajaj Finance declined ₹10,086.05 crore to ₹6,70,535.57 crore.
Larsen & Toubro's market capitalisation dropped ₹6,473.45 crore to ₹5,55,987.49 crore. Life Insurance Corporation of India fell ₹3,162.5 crore to ₹5,32,817.81 crore. Hindustan Unilever edged lower by ₹1,550.73 crore to ₹4,72,361.83 crore.
Three companies bucked the trend. Tata Consultancy Services added ₹16,643.2 crore, reaching ₹8,48,079.71 crore. ICICI Bank rose ₹4,475.28 crore to ₹10,22,805.73 crore. State Bank of India gained ₹599.99 crore to ₹9,65,568.75 crore.
Reliance Industries remains India's most valuable firm, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
Unilever PLC (UL), the parent company of Hindustan Unilever, carries an Alpha Score of 59 out of 100, with a Moderate label in the Consumer Staples sector, according to AlphaScala data.
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