Reliance Industries sees Rs 40,800 crore drop in market cap, leads losses among top firms

Mumbai, May 25 (IANS) Reliance Industries was the biggest loser among India’s top 10 most valued companies this week, as its market valuation dropped by Rs 40,800.4 crore.

The fall came amid a broader weakness in the stock market. Overall, six of the top-10 most valuable firms saw their combined market capitalisation erode by Rs 78,166.08 crore.

The decline was in line with a sluggish week for Indian equities. The Sensex fell by 609.51 points or 0.74 per cent, while the Nifty dropped 166.65 points or 0.66 per cent.

Apart from Reliance, other major firms that saw their valuations decline included Tata Consultancy Services (TCS), Infosys, ICICI Bank, State Bank of India (SBI), and Hindustan Unilever.

TCS lost Rs 17,710.54 crore in market value, while Infosys declined by Rs 10,488.58 crore.

Hindustan Unilever’s mcap fell by Rs 5,462.8 crore, ICICI Bank’s by Rs 2,454.31 crore, and SBI’s by Rs 1,249.45 crore.

Meanwhile, four companies from the top-10 pack -- Bharti Airtel, Bajaj Finance, ITC, and HDFC Bank -- ended the week with gains.

Bharti Airtel’s market value rose the most, by Rs 10,121.24 crore. Bajaj Finance added Rs 4,548.87 crore, ITC grew by Rs 875.99 crore, and HDFC Bank saw a slight increase of Rs 399.93 crore in its valuation.

Meanwhile, the Indian stock markets ended the week on a subdued note, as investors grappled with global uncertainties and awaited key domestic developments.

The benchmark indices witnessed volatility, with the Sensex and Nifty oscillating within a narrow range before closing marginally lower.

The Nifty had settled at 24,853.15, while the Sensex ended at 81,721.08, reflecting cautious investor sentiment.

According to market watchers, the muted performance was driven by a combination of global and domestic factors.

“On the global front, rising US bond yields and concerns over the United States' mounting debt burden triggered foreign portfolio outflows, putting pressure on emerging markets, including India,” said Ajit Mishra, SVP, Research, Religare Broking Limited.

--IANS

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