Last week, 8 of the 10 most valuable companies entered the Indian stock market due to heavy selling 2,21,555.61 crore fall in their market cap. Infosys and HDFC Bank were the biggest losers in their market valuations last week as both heavyweights of the market lost together 1,29,085.77 crore in last week’s session. Only Reliance Industries Limited (RIL) and Adani Green Energy are among the top 10 most valuable Indian companies on Dalal Street.
market capitalization of infosys crashed 68,548.8 Cr to 6,67,062.55 crore while HDFC Bank’s market valuation fell 60,536.97 crore 7,51,801.60 crore. Bharti Airtel’s market capitalization descends 30,127.49 crore from 4,05,723.51 crore.
The market capitalization of banking major State Bank of India or SBI has declined. 15,261.09 crores 4,46,587.56 crore while Bajaj Finance decreased from 13,264.96 crores 4,30,420.83 crores. Private lender ICICI Bank’s market cap dipped 10,376.97 crore from 5,19,362.62 crore while the market valuation of Hindustan Unilever Limited fell 5,345.32 crore 5,00,392.45 crores.
However, Reliance Industries and Adani Green Energy continued to grow stronger. After the end of last week’s trading session, the market cap of Reliance Industries increased 1,39,357.52 crore from 18,66,071.57 crore while Adani Green’s market valuation increased 3,698.89 Cr to 4,51,749.88 crore.
Meanwhile, the housing finance company has been dropped from the list of top 10 most valuable companies due to a sharp fall in the shares of HDFC Ltd. The company’s shares fell 7.19 per cent during the week ended April 22.
On 4 April, HDFC announced that it would merge operations with HDFC Bank. Once the deal goes into effect, HDFC Bank will be wholly owned by public shareholders, and existing shareholders of HDFC will hold 41 per cent of the bank.
HDFC shares have fallen nearly 18 per cent since the announcement of the merger.
In the ranking of top-10 firms, Reliance Industries was leading the chart, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, Adani Green Energy, State Bank of India, Bajaj Finance and Bharti Airtel.