Mumbai – Tata Consultancy Services (TCS) and Bharti Airtel saw significant declines in market valuation this week, contributing to a broader slump in investor sentiment.
The benchmark Sensex fell by 932.42 points, or 1.11%, over the week, triggering heavy losses across several leading companies.
TCS was the hardest hit, with its market capitalisation dropping by ₹56,279.35 crore to end the week at ₹11.81 lakh crore. The decline was largely driven by a nearly 3.5% fall in its stock price on Friday, following June quarter earnings that failed to meet investor expectations.
Bharti Airtel was the second-biggest loser, with its market value slipping ₹54,483.62 crore to ₹10.95 lakh crore.
Other major companies that ended the week with reduced valuations included Reliance Industries, Infosys, ICICI Bank, LIC, HDFC Bank, and State Bank of India. In total, eight of India’s top 10 most valued firms together lost ₹2.07 lakh crore in market capitalisation.
On a positive note, only two firms in the top 10 — Hindustan Unilever Limited (HUL) and Bajaj Finance — managed to post gains.
HUL added ₹42,363.13 crore in market value, buoyed by a nearly 5% surge in its stock price on Friday after announcing Priya Nair as its first-ever woman CEO and Managing Director. Bajaj Finance also saw its valuation rise by ₹5,033.57 crore.
Despite the declines, the top-valued Indian companies continue to include HDFC Bank, TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, LIC, Bajaj Finance, and HUL.
The week was marked by volatility, with the Nifty dropping 311.15 points, or 1.22%, to close at 25,149.85.
IT stocks led the market decline, with the Nifty IT index falling 3.76%. Other sectoral indices also saw losses: Nifty Auto fell 2.03%, Nifty Infra dropped 1.88%, and Nifty Energy declined by 1.13%. On the other hand, FMCG stocks attracted investor interest, with the Nifty FMCG index rising 2.15%.
With inputs from IANS