Bajaj Finance’s market capitalisation fell by over INR 14,000 crore last week as weak market sentiment dragged down most of India’s top-valued companies.
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MUMBAI — Bajaj Finance’s market capitalisation fell by over INR 14,000 crore last week as weak market sentiment dragged down most of India’s top-valued companies.
The sharp fall came amid a broader sell-off in equities, driven by global uncertainties, foreign investor outflows and pressure on the rupee.
The combined market valuation of nine of the top-10 most valued companies declined by INR 2.51 lakh crore last week -- reflecting a sharp downturn in the stock market.
Bajaj Finance was among the major losers, with its market capitalisation slipping by INR 14,093.93 crore to INR 5,77,353.23 crore.
The benchmark Sensex witnessed heavy selling pressure during the week and fell by 2,032.65 points, or 2.43 per cent.
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Market experts said negative global cues, continuous selling by foreign institutional investors, a weakening rupee and muted corporate earnings weighed heavily on investor sentiment.
Ajit Mishra, Senior Vice President of Research at Religare Broking, said the markets saw a sharp sell-off with bears firmly in control throughout the week due to multiple domestic and global concerns.
Reliance Industries suffered the biggest blow among the top companies, with its market valuation plunging by INR 96,960.17 crore to INR 18,75,533.04 crore.
ICICI Bank’s valuation declined by INR 48,644.99 crore to INR 9,60,825.29 crore, while HDFC Bank lost INR 22,923.02 crore, taking its market value to INR 14,09,611.89 crore.
Bharti Airtel’s market capitalisation dropped by INR 17,533.97 crore to INR 11,32,010.46 crore. Tata Consultancy Services saw its valuation fall by INR 16,588.93 crore to INR 11,43,623.19 crore, and Larsen & Toubro lost INR 15,248.32 crore to settle at INR 5,15,161.91 crore.
State Bank of India’s market value slipped by INR 11,907.5 crore to INR 9,50,199.77 crore, while Infosys saw a decline of INR 7,810.77 crore, taking its valuation to INR 6,94,078.82 crore.
In contrast, Hindustan Unilever emerged as the only gainer among the top-10 firms, with its market capitalisation rising by INR 12,311.86 crore to INR 5,66,733.16 crore.
Despite the weekly losses, Reliance Industries remained India’s most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.