Bajaj Finance was among the major casualties of a broad market downturn last week, losing more than Rs 14,000 crore in market capitalisation amid sustained selling pressure across Indian equities.
The company’s valuation declined by Rs 14,093.93 crore to Rs 5,77,353.23 crore, as negative global cues, foreign investor outflows and a weakening rupee weighed heavily on investor sentiment.
The slide in Bajaj Finance mirrored a wider sell-off that dragged down most of India’s top-valued firms.
Overall, nine of the ten most valued companies saw their combined market capitalisation shrink by Rs 2.51 lakh crore during the week, reflecting the sharp correction in the broader market.
The benchmark Sensex fell 2,032.65 points, or 2.43 per cent, as bears dominated trade throughout the period.
Market analysts attributed the downturn to a combination of global uncertainties, persistent selling by foreign institutional investors and subdued corporate earnings.
Ajit Mishra, Senior Vice President of Research at Religare Broking, said the markets remained under pressure all week due to multiple domestic and international concerns, keeping sentiment fragile.
Reliance Industries took the biggest hit among heavyweight stocks, with its market value plunging by Rs 96,960.17 crore to Rs 18,75,533.04 crore.
ICICI Bank followed, losing Rs 48,644.99 crore to settle at Rs 9,60,825.29 crore, while HDFC Bank saw its valuation fall by Rs 22,923.02 crore to Rs 14,09,611.89 crore.
Other major losers included Bharti Airtel, which shed Rs 17,533.97 crore, Tata Consultancy Services with a decline of Rs 16,588.93 crore, and Larsen & Toubro, whose market capitalisation dropped by Rs 15,248.32 crore.
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State Bank of India and Infosys also ended the week lower, losing Rs 11,907.5 crore and Rs 7,810.77 crore respectively.
Hindustan Unilever stood out as the lone gainer among the top ten companies, adding Rs 12,311.86 crore to its market value to close at Rs 5,66,733.16 crore.
Despite the steep weekly losses, Reliance Industries retained its position as India’s most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.
