News

Published: Mar 13, 2023
Updated: Mar 13, 2023

Market Valuation of Top Indian Firms Drops by Over Rs 1 Lakh Crore

Reliance Industries Takes Biggest Hit, Followed by ICICI Bank

The past week saw a sharp decline in the market valuation of eight out of the top ten valued firms in India. The combined erosion in their market capitalization (mcap) was Rs 1,03,732.39 crore, with Reliance Industries and ICICI Bank being hit the hardest. This downturn comes amid a weak trend in the equities market, with concerns over the next interest rate hike by the US Federal Reserve causing unease.

HDFC Bank, State Bank of India, and HDFC Also Face Significant Declines; TCS and Infosys See Slump in Valuation

Reliance Industries saw the most significant decline in mcap, with a drop of Rs 41,878.37 crore to Rs 15,71,724.26 crore. ICICI Bank's valuation tumbled by Rs 18,134.73 crore to Rs 5,88,379.98 crore, and HDFC Bank's valuation tanked by Rs 15,007.38 crore to Rs 8,86,300.20 crore. State Bank of India saw a decline of Rs 12,360.59 crore to Rs 4,88,399.39 crore, while HDFC's valuation diminished by Rs 6,893.18 crore to Rs 4,77,524.24 crore.

Tata Consultancy Services also faced a slump, with a decline in valuation of Rs 4,281.09 crore to Rs 12,18,848.31 crore. Infosys saw a decline in valuation by Rs 3,555.83 crore to Rs 6,19,155.97 crore, and Hindustan Unilever's valuation fell by Rs 1,621.22 crore to Rs 5,78,739.57 crore. However, Bharti Airtel and ITC were exceptions to the trend, with Bharti Airtel adding Rs 5,071.99 crore, and ITC surging by Rs 4,036.2 crore.

Reliance Industries Remains Most Valued Firm Amid Overall Concerning Trend

As of now, Reliance Industries continues to be the most valued firm, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India, ITC, HDFC, and Bharti Airtel. However, the overall trend is concerning, and investors will be closely watching the markets in the coming days.