Mumbai’s financial markets closed the week on a sour note as HDFC Bank saw its market capitalization plummet by a staggering ₹61,715 crore. The sharp decline was triggered by global uncertainties, particularly escalating tensions between Israel, the US, and Iran, which sent crude oil prices soaring.
The Sensex tumbled 4,354.98 points, or 5.51%, while the Nifty shed 1,299.35 points, marking a 5.31% drop. Investor sentiment turned deeply pessimistic, leading to widespread selling pressure across the board. The total market cap of all BSE-listed companies eroded by nearly ₹20 lakh crore, settling at ₹430 lakh crore.
HDFC Bank’s market value now stands at ₹12,57,391.76 crore after the massive wipeout. It wasn’t alone in the downturn; India’s top firms collectively lost ₹4.48 lakh crore in market value this week. State Bank of India (SBI) bore the heaviest blow among peers, with its market cap shrinking by ₹89,306.22 crore to ₹9,66,261.05 crore.
Bajaj Finance followed closely, losing ₹59,082.49 crore, bringing its valuation to ₹5,32,053.54 crore. TCS saw a ₹53,312.52 crore erosion to ₹8,72,067.63 crore, while ICICI Bank dropped ₹42,205.04 crore to ₹8,97,844.78 crore. Bharti Airtel, Reliance Industries, LIC, Infosys, and HUL also posted significant declines, with losses ranging from ₹15,401.57 crore for HUL to ₹38,688.78 crore for Airtel.
Reliance Industries’ market cap fell ₹33,289.88 crore to ₹18,68,293.17 crore, LIC lost ₹31,245.49 crore to ₹4,88,985.57 crore, and Infosys shed ₹24,230.96 crore to ₹5,06,315.58 crore. This broad-based sell-off underscores the vulnerability of Indian markets to geopolitical shocks and commodity price volatility. As tensions simmer, investors are bracing for more volatility ahead, with eyes on oil prices and diplomatic developments.