Geopolitical flares in the Middle East have rippled through Indian equities, slamming Larsen & Toubro (L&T) with a ₹45,629 crore market cap wipeout. The infrastructure behemoth’s value now stands at ₹5,43,208.36 crore, reflecting deep concerns over its regional projects.
L&T’s heavy footprint in the conflict zone makes it particularly susceptible. Analysts warn that escalating strife could disrupt ongoing contracts, squeeze margins, and deter new bids. The market’s reaction was immediate, with shares tumbling amid broader sell-offs.
This week’s bloodbath extended to the elite club of top 10 firms, where eight lost a collective ₹2,81,581.53 crore in market value. From banking titans SBI, ICICI, and HDFC to finance player Bajaj and IT leader TCS, the hits were relentless.
Breaking it down: SBI plummeted ₹53,952.96 crore to ₹10,55,567.27 crore. ICICI followed with a ₹46,936.82 crore drop to ₹9,40,049.82 crore. HDFC Bank’s ₹46,552.3 crore loss left it at ₹13,19,107.08 crore. Bajaj Finance shed ₹28,934.56 crore to ₹5,91,136.03 crore; TCS lost ₹28,492.44 crore, hitting ₹9,25,380.15 crore. HUL declined ₹26,350.67 crore to ₹5,23,042.51 crore, and Airtel dipped ₹4,732.75 crore to ₹10,67,120.50 crore.
Not all was gloom: Reliance Industries surged ₹14,750.39 crore to ₹19,01,583.05 crore, and Infosys climbed ₹3,459.99 crore to ₹5,30,546.54 crore, offering some respite.
‘Surging oil prices and West Asia’s tensions capped a dismal short week for markets,’ said Religare Broking’s Ajit Mishra. Investor confidence waned, fueling the downturn.
Looking ahead, the episode highlights India’s entwined fortunes with global hotspots. Companies may need to diversify away from high-risk zones to shield against such shocks, as markets remain on edge.