Mumbai: Last week, Bajaj Finance faced a significant setback as its market capitalization fell by more than ₹14,000 crore. This decline occurred amid a weak market environment that affected several major Indian companies.
The sharp drop in Bajaj Finance’s market value was primarily due to broad selling pressure in the stock market. Contributing factors included global uncertainties, selling by foreign investors, and pressure on the Indian rupee.
Among India’s top 10 most valuable companies, nine saw their combined market capitalization decline by ₹2.51 lakh crore last week, reflecting the overall market downturn.
Bajaj Finance’s market cap decreased by ₹14,093.93 crore to ₹5,77,353.23 crore, making it one of the largest losers during this period. The stock market remained under pressure throughout the week, with the Sensex falling by 2,032.65 points, or 2.43 percent.
Experts explained that negative cues from global markets, continuous selling by foreign institutional investors, a weakening rupee, and weak quarterly results from companies eroded investor confidence.
Ajit Mishra, Senior Vice President of Research at Religare Broking, said that several domestic and global concerns led to heavy selling throughout the week, with sellers dominating the market.
Reliance Industries experienced the biggest market cap loss, declining by ₹96,960.17 crore to ₹18,75,533.04 crore. ICICI Bank’s market value fell by ₹48,644.99 crore to ₹9,60,825.29 crore, while HDFC Bank lost ₹22,923.02 crore, ending at ₹14,09,611.89 crore.
Bharti Airtel’s market cap dropped by ₹17,533.97 crore to ₹11,32,010.46 crore. Tata Consultancy Services (TCS) saw a decline of ₹16,588.93 crore to ₹11,43,623.19 crore, and Larsen & Toubro (L&T) lost ₹15,248.32 crore, settling at ₹5,15,161.91 crore.
State Bank of India’s market cap decreased by ₹11,907.5 crore to ₹9,50,199.77 crore, while Infosys’s value declined by ₹7,810.77 crore to ₹6,94,078.82 crore.
In contrast, Hindustan Unilever was the only company to register an increase in market value, with its market capitalization rising by ₹12,311.86 crore to ₹5,66,733.16 crore.
Despite the weekly losses, Reliance Industries remained India’s most valuable company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and L&T.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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