Nine of top-10 firms lose Rs 2.74 lakh crore in market cap; HDFC Bank hit hardest
- HDFC Bank led losses among India's top-10 firms, contributing significantly to the Rs 2.74 lakh crore erosion.
- Hindustan Unilever (HUL) was the sole gainer, bucking the broad sell-off trend.
- The sell-off reflects a turbulent week for Indian equities, hitting financial and energy stocks hardest.
India's most valuable companies had a rough week. Nine of the top-10 firms by market capitalisation collectively lost Rs 2.74 lakh crore in value, data showed.
HDFC Bank took the biggest hit. The private lender's market cap fell sharply, leading the decline among its peers. The sell-off swept across sectors, with only one firm managing to stay in the green.
HDFC Bank leads the losses
HDFC Bank saw its valuation erode the most among the top-10. The exact quantum of its loss was not immediately detailed, but it accounted for a substantial portion of the week's total erosion.
Other major losers included Reliance Industries, Tata Consultancy Services, and ICICI Bank. The sell-off was broad-based, affecting financial, energy, and technology stocks alike.
HUL stands out as the sole gainer
Hindustan Unilever (HUL) was the only company among the top-10 to post a gain in market capitalisation. The FMCG giant's resilience came amid a broader market downturn, highlighting defensive buying in consumer goods.
Analysts pointed to HUL's strong quarterly performance and steady demand for essentials as reasons for its relative strength. The company's market cap rose marginally, bucking the negative trend.
What drove the sell-off?
The week saw heightened volatility in domestic equities. Global cues, including concerns over US interest rates and weak corporate earnings in some sectors, weighed on investor sentiment.
Foreign portfolio investors (FPIs) were net sellers during the period, adding to the pressure. Domestic institutional buyers could not fully offset the outflows, leading to a broad decline in stock prices.
The combined market capitalisation of the top-10 firms now stands lower than the previous week's close. The exact figures were released by stock exchange data, which showed the erosion across nine of the ten companies.
Which other firms were affected?
Aside from HDFC Bank, Reliance Industries and TCS also saw significant value erosion. SBI, Kotak Mahindra Bank, and ITC were among the other losers.
The sell-off was not limited to any single sector. Financials, which have a heavy weight in the top-10, bore the brunt. Energy and IT stocks also contributed to the decline.
Market participants will watch the coming week for any reversal. The performance of global indices and the trajectory of FII flows will be key factors.