Mumbai — The market capitalisation of Larsen & Toubro declined sharply this week, wiping out Rs 45,629 crore from its valuation as a widespread sell-off in equities dragged down several of India’s largest companies.
Following the decline, the engineering and construction major’s total market value slipped to around Rs 5.43 lakh crore.
The downturn was not limited to a single company. Eight of the country’s ten most valuable firms collectively lost about Rs 2.81 lakh crore in market capitalisation during the week, reflecting the weak sentiment prevailing in the equity market.
The benchmark BSE Sensex also ended the week on a negative note, falling by 2,368.29 points, or nearly 3 per cent.
Market analysts attributed the fall to global uncertainties and rising tensions in West Asia, which pushed crude oil prices higher and dampened investor confidence. According to Ajit Mishra of Religare Broking Ltd, geopolitical concerns and surging oil prices weighed heavily on markets during the holiday-shortened trading week.
Among the biggest losers was State Bank of India, which saw its market valuation plunge by nearly Rs 53,953 crore, bringing its total capitalisation to about Rs 10.55 lakh crore.
Shares of ICICI Bank and HDFC Bank also came under pressure, with their valuations falling by Rs 46,936 crore and Rs 46,552 crore respectively.
Other major companies witnessing declines included Bajaj Finance, whose market value dropped by Rs 28,934 crore, and Tata Consultancy Services, which lost Rs 28,492 crore during the week.
Similarly, the valuation of Hindustan Unilever decreased by Rs 26,350 crore, while Bharti Airtel recorded a smaller decline of about Rs 4,732 crore in market capitalisation.
However, not all companies ended the week in the red. Reliance Industries managed to add nearly Rs 14,750 crore to its valuation, pushing its market cap to about Rs 19.01 lakh crore. Infosys also posted gains, adding roughly Rs 3,460 crore to reach a valuation of Rs 5.30 lakh crore.
Market experts said that on the technical front, the Nifty 50 faces immediate resistance around 24,700 levels, with further hurdles near 25,000 and 25,150. On the downside, key support zones are seen at 24,300 and 24,000, while a fall below 23,800 could intensify selling pressure in the market.
With inputs from IANS