Market cap of top-10 companies shrinks by ₹4.95 lakh crore; TCS, Reliance bear the brunt of bearish trends

The combined market valuation of India’s top-10 most valued companies took a massive hit last week, shedding ₹4,95,061 crore as bearish sentiments gripped the equity markets. Tata Consultancy Services (TCS) and Reliance Industries experienced the largest losses among the blue-chip stocks.

The plunge in valuations mirrored a weak performance in the broader market, with the BSE benchmark index tumbling by 4,091.53 points or 4.98%. The Nifty recorded a sharp 4.77% decline, marking the steepest weekly fall since June 2022.

Market sentiment was rattled after the US Federal Reserve revised its outlook, announcing only two rate cuts in 2025, instead of the previously expected four. This policy change, unveiled by Fed Chair Jerome Powell, shook global investor confidence. “The Indian equity market recorded its steepest weekly decline since June 2022,” said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, as quoted by PTI.

Valuation Losses Among Major Firms

TCS saw its market capitalisation drop by ₹1,10,550.66 crore, reducing its value to ₹15,08,036.97 crore. Reliance Industries followed with a loss of ₹91,140.53 crore, bringing its valuation to ₹16,32,004.17 crore.

Other notable losses included HDFC Bank, which lost ₹76,448.71 crore to settle at ₹13,54,709.35 crore. Bharti Airtel’s valuation declined by ₹59,055.42 crore, dropping to ₹8,98,786.98 crore.

Major Erosions in Market Valuation:

State Bank of India (SBI): ₹43,909.13 crore loss, reduced to ₹7,25,125.38 crore

ICICI Bank: ₹41,857.33 crore loss, now at ₹9,07,449.04 crore

Infosys: Shed ₹32,300.2 crore, now valued at ₹7,98,086.90 crore

Life Insurance Corporation (LIC): Declined by ₹20,050.25 crore to ₹5,69,819.04 crore

Hindustan Unilever: Lost ₹12,805.27 crore, reducing its valuation to ₹5,48,617.81 crore

ITC: Fell by ₹6,943.5 crore, with a valuation of ₹5,81,252.32 crore

Reliance Retains Top Spot

Despite significant losses, Reliance Industries remained the most valued company in India, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, SBI, ITC, LIC, and Hindustan Unilever in the rankings.

The sharp valuation erosion highlights ongoing market volatility and the broader impact of global economic policy shifts on Indian equities.