Mumbai: Some of India’s top companies saw a steep drop in their market capitalisation on Monday, as Reliance Industries Limited (RIL), India’s largest company by market cap, lost Rs 22,937 crore, reducing its total value to Rs 16,63,602 crore.
Tata Consultancy Services (TCS) saw a significant loss of Rs 31,549 crore, bringing its market capitalisation down to Rs 14,70,806 crore, as the domestic benchmark indices lost over 1 per cent. HDFC Bank, one of India’s leading financial institutions, shed Rs 15,295 crore in market value.
Telecommunications giant Bharti Airtel saw a sharp decline of Rs 24,036 crore, while Infosys, a major player in the IT sector, lost Rs 22,193 crore in market capitalisation. Despite the widespread losses, a few companies managed to buck the trend. ICICI Bank stood out as a notable gainer, adding Rs 13,233 crore to its market value, backed by strong quarterly earnings.
Other gainers included the State Bank of India (SBI), which saw an increase of Rs 4,507 crore and Hindustan Unilever Limited (HUL) which added Rs 5,815 crore in market capitalisation.
Overall, the top 10 most-valued firms in India collectively lost Rs 94,409 crore in market cap during the Monday session. The selloff came as investors remained cautious ahead of the US Federal Reserve’s upcoming rate decision and modest Q3 earnings announcement.
The BSE Sensex finished the day by shedding 824 points or 1.08 per cent at 75,366. On the other hand, the NSE Nifty50 also closed the day in red by slipping 263 points or 1.14 per cent at 22,829.
Sentiment is likely to favour bearish trades in the short term, particularly as long as the index remains below 23,000. On the lower side, the prevailing weakness could potentially lead to a decline toward 22,500, said experts.