The stock market suffered considerable losses as a result of rising tensions in the Middle East and foreign fund withdrawals.
Reliance Industries and HDFC Bank suffered the steepest declines amid poor equities markets.
Nine of India’s top ten most valuable companies lost a collective market value of Rs 4,74,906.18 crore last week, with Reliance Industries and HDFC Bank suffering the most as equities markets weakened.
The stock market suffered considerable losses as a result of rising tensions in the Middle East and foreign fund withdrawals. In a holiday-shortened week, the BSE benchmark dropped by 3,883.4 points, or 4.53%.
Reliance Industries’ market valuation fell by Rs 1,88,479.36 crore to Rs 18,76,718.24 crore, while HDFC Bank’s market valuation declined by Rs 72,919.58 crore to Rs 12,64,267.35 crore.
Other major losses were Bharti Airtel, down Rs 53,800.31 crore to Rs 9,34,104.32 crore; ICICI Bank, down Rs 47,461.13 crore to Rs 8,73,059.59 crore; and Life Insurance Corporation of India (LIC), down Rs 33,490.86 crore to Rs 6,14,125.65 crore.
In comparison, Infosys’ market capitalization increased by Rs 4,629.64 crore, reaching Rs 7,96,527.08 crore.
