In a week dominated by relentless selling in Indian equities, TCS emerged as the hardest hit among the nation’s top 10 companies by market capitalization. The software services behemoth watched its value evaporate by Rs 90,198.92 crore, leaving it at Rs 9,74,043.43 crore. This sharp decline highlighted vulnerabilities in the IT sector amid concerns over global demand slowdowns.
The BSE benchmark index tumbled 953.64 points, or 1.14 percent, reflecting waning investor confidence. Over Rs 3 lakh crore was wiped out from the combined market cap of six top firms, painting a grim picture of market sentiment.
Infosys followed suit with a Rs 70,780.23 crore loss, its market value now at Rs 5,55,287.72 crore. Private lender HDFC Bank shed Rs 54,627.71 crore, landing at Rs 13,93,621.92 crore. Even market leader Reliance Industries couldn’t escape, losing Rs 41,883 crore but staying ahead at Rs 19,21,475.79 crore.
Bharti Airtel’s cap dropped Rs 19,244.61 crore to Rs 11,43,044.03 crore, and LIC fell Rs 23,971.74 crore to Rs 5,46,226.80 crore. On a brighter note, SBI surged Rs 1,22,213.38 crore to top the gains chart at Rs 11,06,566.44 crore.
Bajaj Finance rallied Rs 26,414.44 crore to Rs 6,37,244.64 crore, L&T gained Rs 14,483.9 crore reaching Rs 5,74,028.93 crore, and ICICI Bank added Rs 5,719.95 crore to hit Rs 10,11,978.77 crore. Banking stocks showed resilience against the tide.
Reliance Industries continues to dominate the rankings, followed by HDFC Bank, Airtel, SBI, ICICI Bank, TCS, Bajaj Finance, L&T, Infosys, and LIC. As markets stabilize, analysts predict a rebound in select sectors, but IT’s woes may linger.