Business · India Bureau
India's top firms shed ₹1.55 trillion in market value as equities weaken
Eight of India's ten most valuable companies lost combined market capitalisation of ₹1.55 lakh crore during a shortened trading week, with financial stocks bearing the brunt of losses. The BSE Sensex and NSE Nifty both declined sharply amid broad-based weakness across the equity markets.
LSN India ·
India's equity markets suffered significant losses during a holiday-shortened trading week, with the benchmark BSE Sensex falling 1,605.44 points, or 2.15 per cent, while the NSE Nifty50 declined 546.15 points, or 2.36 per cent. The broader market downturn translated into a loss of ₹20.79 lakh crore in overall market capitalisation for BSE-listed companies, which fell to ₹4,51.83 lakh crore from ₹4,72.62 lakh crore at the close of October 16.
Among India's ten largest listed firms, eight companies experienced significant valuation erosion totalling ₹1.55 lakh crore during the week. Financial stocks emerged as the primary victims of the selloff, with HDFC Bank recording the steepest losses. The bank's market capitalisation declined by ₹55,507 crore to ₹10.67 lakh crore, while its stock price fell 5 per cent. Bajaj Finance also faced substantial pressure, with its valuation shrinking by ₹34,181 crore to ₹5.77 lakh crore.
Not all top-tier companies participated in the downward spiral. Tata Consultancy Services and Larsen & Toubro managed to buck the trend, closing the week with gains in their market valuations despite prevailing headwinds. The divergent performance underscores the selective nature of recent market weakness, concentrated primarily in the financial sector.