Top 10 Valued Firms Lose Rs 94,409 Crore In Market Cap, Reliance Drags The Most
The selloff was exacerbated by key macroeconomic factors, including the upcoming US Federal Reserve rate decision and India's Union Budget.
The Indian stock market witnessed a turbulent session on Monday, with the benchmark Nifty 50 and the BSE Sensex plunging over 1% each. The selloff was exacerbated by key macroeconomic factors, including the upcoming US Federal Reserve rate decision and India's Union Budget. Several major stocks, especially those from the country's leading firms, saw significant shifts in their market capitalisation.
The biggest losses were observed in some of the largest firms in India. Reliance Industries Ltd., the country’s largest company by market cap, saw a dip of Rs 22,937 crore, bringing its total market value to Rs 1,663,602 crore. Tata Consultancy Services Ltd., another heavyweight, experienced a substantial fall of Rs 31,549 crore, leaving its market cap at Rs 1,470,806 crore.
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HDFC Bank, which has consistently been one of the top players in the financial sector, shed Rs 15,295 crore in market capitalisation. Bharti Airtel, the telecommunications giant, also experienced a sharp decline, with its market value dropping by Rs 24,036 crore. Infosys Ltd., one of the IT sector's largest firms, lost Rs 22,193 crore in market capitalisation, further contributing to the weak sentiment.
Despite the broad-based selloff, a few stocks managed to make gains. ICICI Bank Ltd., in particular, stood out, adding Rs 13,233 crore to its market capitalisation, signalling strength in the banking sector after its robust third quarter earnings. Other gainers included Mahindra & Mahindra Ltd., Hindustan Unilever Ltd. (HUL), State Bank of India Ltd. (SBI), and Britannia Industries Ltd.
Overall, the top 10 firms collectively lost a significant Rs 94,409 crore in market capitalisation on Monday, a reflection of the current market volatility. The large-cap firms, which typically lead the market's performance, have been bearing the brunt of the ongoing selloff.
