Five of top-10 firms lose Rs 1 lakh crore in market cap; TCS hit hardest

Five of India's ten most valued companies saw their combined market capitalisation erode by Rs 1 lakh crore last week, with IT major TCS taking the biggest hit amid a bearish equity trend. The BSE Sensex fell 489.92 points (0.62%) and the Nifty declined 204.65 points (0.83%) during the week.

According to the sources, TCS's valuation dropped by Rs 34,263.28 crore to Rs 8,53,506.85 crore, making it the worst performer among the top-10. Reliance Industries lost Rs 31,869.13 crore, and State Bank of India's valuation fell by Rs 25,891.88 crore. HDFC Bank and ICICI Bank also saw declines. Times Now reports the sell-off was partly linked to TCS chairman N Chandrasekaran deciding not to seek re-appointment, a claim not made by the other two outlets. The Hindu Business Line and NDTV Profit attributed the broader downturn to elevated crude oil prices, geopolitical uncertainty, and mixed global cues, quoting Religare Broking's Ajit Mishra.

In contrast, five firms added Rs 55,149.45 crore to their valuations. LIC gained Rs 26,438.49 crore, and Bharti Airtel rose by Rs 20,592.13 crore. Reliance Industries remained the most valued domestic firm. TCS is scheduled to hold its annual general meeting on August 18.