Intro:
Weak market sentiment and global uncertainties triggered heavy selling, eroding valuations of India’s most valuable companies last week
Mumbai
Bajaj Finance’s market capitalisation declined by more than Rs 14,000 crore last week as a broad-based sell-off swept through Indian equities, driven by weak global cues, foreign investor outflows and sustained pressure on the rupee. The downturn reflected a sharp loss of confidence among investors, with nine of India’s top-10 most valued companies collectively losing Rs 2.51 lakh crore in market value during the week.
Bajaj Finance emerged as one of the major laggards, with its valuation falling by Rs 14,093.93 crore to Rs 5,77,353.23 crore. The decline came amid heavy selling pressure across financial and blue-chip stocks as investors turned cautious in response to global uncertainties and muted domestic earnings.
The benchmark Sensex witnessed intense selling throughout the week, plunging 2,032.65 points, or 2.43 per cent. Market participants attributed the fall to a combination of adverse international developments, continuous selling by foreign institutional investors, a weakening rupee and lacklustre corporate performance.
Ajit Mishra, Senior Vice President of Research at Religare Broking, said markets remained under pressure for most of the week, with bears firmly in control. He noted that multiple domestic and global concerns weighed heavily on sentiment, triggering a sharp sell-off across sectors.
Among the top companies, Reliance Industries suffered the steepest loss in absolute terms, with its market capitalisation plunging by Rs 96,960.17 crore to Rs 18,75,533.04 crore. ICICI Bank saw its valuation decline by Rs 48,644.99 crore to Rs 9,60,825.29 crore, while HDFC Bank lost Rs 22,923.02 crore, taking its market value to Rs 14,09,611.89 crore.
Telecom major Bharti Airtel witnessed a fall of Rs 17,533.97 crore, while Tata Consultancy Services lost Rs 16,588.93 crore in valuation. Engineering major Larsen & Toubro also saw its market value shrink by Rs 15,248.32 crore.
Public sector lender State Bank of India lost Rs 11,907.5 crore, while Infosys declined by Rs 7,810.77 crore. In contrast, Hindustan Unilever was the sole gainer among the top-10 firms, with its market capitalisation rising by Rs 12,311.86 crore.
