Bajaj Finance loses over Rs 19,000 crore in market valuation this week
Bajaj Finance emerged as the biggest loser among India’s most valued companies last week, as its market capitalisation fell sharply by Rs 19,289.7 crore amid a largely bearish trend in the stock market.
Overall, eight of the top-10 most valued domestic firms together saw their market valuation erode by Rs 79,129.21 crore during the week.
The weak performance came as the BSE benchmark index slipped by 444.71 points, or 0.51 per cent -- reflecting cautious investor sentiment in equities.
Bajaj Finance’s market capitalisation declined to Rs 6,33,106.69 crore, making it the worst-hit stock among the top companies.
ICICI Bank followed closely, with its valuation tumbling by Rs 18,516.31 crore to Rs 9,76,668.15 crore.
Bharti Airtel also faced heavy losses, as its market value dropped by Rs 13,884.63 crore to Rs 11,87,948.11 crore.
State Bank of India saw its valuation fall by Rs 7,846.02 crore, taking its market capitalisation to Rs 8,88,816.17 crore.
IT major Infosys lost Rs 7,145.95 crore from its valuation, which stood at Rs 6,64,220.58 crore at the end of the week.
Tata Consultancy Services saw its market capitalisation decline by Rs 6,783.92 crore to Rs 11,65,078.45 crore, while HDFC Bank’s valuation dipped by Rs 4,460.93 crore to Rs 15,38,558.71 crore.
Life Insurance Corporation of India was the least impacted among the losers, with its market value eroding by Rs 1,201.75 crore to Rs 5,48,820.05 crore.
In contrast, Reliance Industries and Larsen & Toubro were the only two gainers in the top-10 list. Reliance Industries added Rs 20,434.03 crore to its market capitalisation, which rose to Rs 21,05,652.74 crore.
Larsen & Toubro’s valuation increased by Rs 4,910.82 crore to Rs 5,60,370.38 crore. Despite the mixed performance, HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro and LIC remained among the most valued company in the country.
