Market Mayhem: ₹3 Lakh Crore Vanishes from Top 8 Firms’ Valuation, TCS Hit Hardest

In a turbulent week for the stock market, the combined market capitalization of eight out of the ten most valued companies witnessed a steep decline, eroding by ₹3,09,244.57 crore. The sharp drop came during a holiday-shortened trading week, reflecting a broader bearish sentiment in the equity market. Among these top firms, Tata Consultancy Services (TCS) suffered the most significant loss in valuation.

The downturn aligned with a broader slump in the stock market indices. The BSE Sensex, the benchmark index of the Bombay Stock Exchange, plunged by 2,112.96 points, marking a 2.80% decline over the week. Similarly, the NSE Nifty, the benchmark index of the National Stock Exchange, tumbled by 671.2 points, recording a 2.94% drop.

The decline in market capitalization of these major firms underscores the prevailing negative sentiment among investors, influenced by a combination of global and domestic factors affecting market performance.

February proved to be a challenging month for the Indian stock market, with both benchmark indices witnessing significant declines. The Nifty 50 index plunged by 1,383.7 points, marking a steep drop of 5.88% over the month. Similarly, the BSE Sensex lost 4,302.47 points, reflecting a 5.55% decline. This sharp downturn weighed heavily on the market valuations of several top companies.

Among the top-10 most valued firms, Tata Consultancy Services (TCS) experienced the most substantial erosion in market capitalization. The IT giant’s valuation plummeted by ₹1,09,211.97 crore, bringing its total market capitalization down to ₹12,60,505.51 crore. This significant decline led to a reshuffling in the rankings of India’s most valuable companies. TCS, which previously held the second position among the top-10 firms, slipped to third place. HDFC Bank, benefiting from relative stability, overtook TCS to become the second most valuable company in terms of market capitalization.

The shift in rankings and the broader market downturn reflect prevailing bearish sentiment, influenced by a combination of domestic and global economic factors impacting investor confidence.

Infosys, one of India’s leading IT firms, witnessed a significant decline in its market valuation amid broader market weakness. The company’s market capitalization dropped by ₹52,697.93 crore, bringing its total valuation down to ₹7,01,002.22 crore. This sharp erosion in value reflects the challenges faced by the IT sector, along with overall bearish trends in the equity market.

Several major companies experienced a significant decline in their market valuations during the recent market downturn. Bharti Airtel saw its market capitalization shrink by ₹39,230.1 crore, bringing its total valuation down to ₹8,94,993.67 crore. Similarly, Reliance Industries, India’s most valuable company, also faced a substantial erosion in its market worth, losing ₹38,025.97 crore. This decline reduced its total valuation to ₹16,23,343.45 crore.

State Bank of India (SBI), the country’s largest public sector bank, was not spared from the downturn either. Its market capitalization dropped by ₹29,718.99 crore, bringing its total valuation down to ₹6,14,236.97 crore. The decline in valuations across these leading companies highlights the prevailing bearish sentiment in the market, which has impacted multiple sectors, including telecom, energy, and banking.

ICICI Bank, one of India’s leading private sector lenders, witnessed a notable decline in its market capitalization amid the broader market downturn. The bank’s valuation dropped by ₹20,775.78 crore, bringing its total market capitalization down to ₹8,49,803.90 crore. This decline reflects the overall bearish sentiment in the financial sector, as market volatility continues to impact investor confidence in banking stocks.

Hindustan Unilever Ltd (HUL), one of India’s leading consumer goods companies, experienced a decline in its market capitalization amid the ongoing market downturn. The company’s valuation fell by ₹11,700.97 crore, bringing its total market capitalization down to ₹5,14,983.41 crore. The decline reflects the broader market sentiment, which has impacted multiple sectors, including the fast-moving consumer goods (FMCG) industry.

ITC, a major player in the FMCG, tobacco, and hospitality sectors, saw a decline in its market capitalization amid the broader market weakness. The company’s valuation dropped by ₹7,882.86 crore, bringing its total market capitalization down to ₹4,93,867.57 crore.

In contrast, HDFC Bank, India’s largest private sector lender, witnessed a rise in its market capitalization despite the overall market downturn. The bank’s valuation increased by ₹30,258.49 crore, bringing its total market capitalization to ₹13,24,411.31 crore. This upward movement helped HDFC Bank strengthen its position among the country’s most valued companies.

Bajaj Finance, one of India’s leading non-banking financial companies (NBFCs), saw an increase in its market capitalization amid the recent market fluctuations. The company’s valuation rose by ₹9,050.24 crore, bringing its total market capitalization to ₹5,29,516.99 crore.

Meanwhile, in terms of overall rankings among India’s most valued companies, Reliance Industries retained its position as the most valuable firm. It was followed by HDFC Bank, which moved up to the second spot, overtaking Tata Consultancy Services (TCS), which now holds the third position. Bharti Airtel, ICICI Bank, and Infosys secured the next three spots, while State Bank of India (SBI) followed. Bajaj Finance climbed in the rankings, surpassing Hindustan Unilever, which, along with ITC, rounded out the list of the top-10 most valued companies in the country.