The escalating tensions between India and Pakistan have not only taken a toll on the stock market but have also imposed significant losses on major companies. The impact can be gauged by the fact that last week, out of the top 10 companies on the Bombay Stock Exchange (BSE) Sensex, eight saw their market capitalization shrink by a whopping ₹1.6 trillion combined. The greatest hit was felt by Mukesh Ambani's Reliance Industries, with a loss exceeding ₹60,000 crore.
Losses for 8 Leading Sensex Companies
Last week proved to be the worst since 2021 for the Pakistani stock market and was no better for India's markets. The BSE Sensex witnessed a decline of 1,047.52 points or 1.30%, leading to significant losses for eight leading companies, with Reliance Industries, HDFC Bank, and ICICI Bank at the forefront.
Source: aajtak
Major Losses for Reliance and ICICI
Topping the list of companies that incurred the greatest losses was Mukesh Ambani's Reliance Industries. Due to a dip in RIL stock, its market capitalization fell to ₹18,64,436.42 crore, resulting in investor losses of ₹59,799.34 crore. ICICI Bank followed, with its market cap reducing by ₹30,185.36 crore to ₹9,90,015.33 crore.
HDFC and Other Bank Losses
The last week was also challenging for banking stocks. HDFC Bank saw its market value decrease by ₹27,062.52 crore to ₹14,46,294.43 crore. Additionally, SBI, India's largest state-owned bank, saw its market cap dip by ₹18,429.34 crore, landing at ₹6,95,584.89 crore. Even finance company Bajaj Finance experienced a decrease in market cap by ₹13,798.85 crore to ₹5,36,927.95 crore.
Valuation Hits for Other Companies
Among other significant market movers, ITC Limited's market value dropped by ₹8,321.89 crore to ₹5,29,972.97 crore. Meanwhile, Bharati Airtel saw a decline of ₹2,138.29 crore in its market cap to ₹10,53,891.62 crore, while TCS, a Tata Group company, experienced a reduction of ₹578.89 crore to ₹12,45,418.09 crore.
Source: aajtak
Reliance Maintains Top Position
Amidst the volatility, two companies managed to deliver for their investors: Hindustan Unilever Limited, which saw an increase in market cap by ₹2,537.56 crore to ₹5,48,382.85 crore, and Infosys, India's second-largest IT company, whose market value rose by ₹415.33 crore to reach ₹6,26,083.70 crore.
Despite the downturn in the market values of India's ten largest companies, Mukesh Ambani's Reliance Industries maintained its dominance and held its top position. Following Reliance are HDFC Bank, TCS, Bharati Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, Bajaj Finance, and ITC.
