Top-10 Indian Firms Lose ₹1.55 Lakh Crore in Market Valuation; HDFC Bank and Bajaj Finance Lead Laggards

The combined market valuation of eight of the top ten most valuable firms dropped by ₹1,55,671.9 crore last week, driven by a broader downward trend in domestic equities. In a holiday-truncated trading week, the 30-share BSE Sensex fell 1,605.44 points, or 2.15 per cent, while the 50-share NSE Nifty declined 546.15 points, or 2.36 per cent.

Reflecting this weak market sentiment, the total market capitalisation of all BSE-listed firms decreased by ₹20,78,774.28 crore over four sessions. Total valuation fell from ₹4,72,62,167.42 crore on October 16 to ₹4,51,83,393.14 crore.

Among the top ten listed companies, eight saw their valuations erode, while only two firms—Tata Consultancy Services and Larsen & Toubro—closed the week with valuation gains.

HDFC Bank and Bajaj Finance emerged as the biggest laggards during the week. HDFC Bank's market valuation tumbled ₹55,506.95 crore to settle at ₹10,67,121.12 crore, as the company's stock fell 5 per cent. Bajaj Finance recorded an erosion of ₹34,180.51 crore, bringing its valuation down to ₹5,77,146.21 crore.

Several other major firms also faced valuation declines. Reliance Industries dropped ₹27,065.08 crore to ₹16,10,372.11 crore, and the Life Insurance Corporation of India (LIC) lost ₹21,062.24 crore to stand at ₹4,81,142.58 crore. Bharti Airtel's market capitalisation decreased by ₹9,360.75 crore to ₹11,79,454.70 crore, while the State Bank of India diminished by ₹4,338.46 crore to ₹8,83,384.38 crore.

Further down the list, Infosys saw its valuation decline by ₹2,881.38 crore to ₹4,68,528.03 crore, and ICICI Bank dropped ₹1,276.53 crore to ₹10,01,594.91 crore.

Conversely, Tata Consultancy Services (TCS) bucked the trend, with its valuation jumping ₹23,517.56 crore to reach ₹9,14,652.52 crore. Larsen & Toubro (L&T) also saw a modest increase, climbing ₹1,788.66 crore to a valuation of ₹5,01,513.72 crore.

Following the market movements, Reliance Industries remains the most valued firm in the country. It is followed by Bharti Airtel, HDFC Bank, ICICI Bank, TCS, State Bank of India, Bajaj Finance, L&T, Life Insurance Corporation of India, and Infosys.

"The recent erosion in market capitalization across top-tier firms highlights the inherent volatility of broader equity markets during holiday-truncated and corrective phases. While large-cap bellwethers like HDFC Bank and Bajaj Finance faced significant valuation pressures, isolated gains in companies like TCS and L&T demonstrate that sector-specific resilience still exists. For businesses and investors, such macroeconomic pullbacks serve as a reminder to focus on long-term fundamentals rather than short-term market fluctuations." — Dr. Shishir Gupta, Founder & CEO, StartupLanes