The combined market valuation of seven of the 10 most valued firms in India lost INR 1.35 lakh crore in market capitalisation last week, with tech giant TCS suffering the biggest loss
NEW DELHI — The combined market valuation of seven of the 10 most valued firms in India lost INR 1.35 lakh crore in market capitalisation last week, with tech giant Tata Consultancy Services (TCS) suffering the biggest loss.
The valuation of TCS dipped by over 3 per cent and lost INR 47,487 crore to reach around INR 10.87 lakh crore. Last week, Nifty, the NSE benchmark, dropped over 270 points, or 1.09 per cent.
TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Life Insurance Corporation of India (LIC) and Bajaj Finance faced a combined erosion of INR 1,35,349 crore from their market valuation last week.
Though a weak sentiment prevailed in the stock market due to global trade concerns, particularly the pressure on IT stocks like TCS and Infosys were the major movers. The Nifty IT index lost 9.4 per cent in July, marking its second-largest dip this year.
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Earnings below expectations, global tech weakness and restructuring challenges due to artificial intelligence (AI) were the main factors. TCS announced plans to lay off 12,200 mid- and senior-level employees.
The market capitalisation of Bharti Airtel lost INR 29,936 crore to reach around INR 10.75 lakh crore. Bajaj Finance's valuation was down INR 22,806 crore to around INR 5.45 lakh crore, and that of Infosys dropped by INR 18,694 crore to INR 6.11 lakh crore.
The State Bank of India (SBI) saw its market value drop by INR 11,584.43 crore to INR 7,32,864 crore.
ICICI Bank dropped by INR 3,608 crore to reach INR 10,50,215 crore, while LIC lost INR 1,233 crore to touch INR 5,59,509 crore in market capitalisation.