Six of India's top 10 most valued firms, including LIC and TCS, lost a combined market value of over 71,414 crore in one week. LIC emerged as the biggest laggard, with its market valuation falling by ₹26,217.12 crore to ₹6,57,420.26 crore.
TCS's market valuation tumbled by ₹18,762.61 crore to ₹14,93,980.70 crore. The market capitalisation of ITC eroded by 13,539.84 crore to ₹5,05,092.18 crore, while that of Hindustan Unilever diminished 11,548.24 crore to ₹5,58,039.67 crore. Market valuation of Bharti Airtel declined 703.60 crore to ₹6,30,340.9 crore, and that of Reliance Industries dipped by 642.62 crore to ₹19,76,493.92 crore. On the other hand, State Bank of India, Infosys, HDFC Bank and ICICI Bank emerged as the gainers, collectively adding ₹62,038.86 crore. However, in the same week, the BSE benchmark climbed 831.15 points or 1.16 per cent.
The stock market has been on a rollercoaster ride in recent months, with investors grappling with a range of uncertainties, including the impact of the pandemic, inflation, and geopolitical tensions. The market's volatility has been reflected in the performance of some of India's top companies, with many seeing their market valuations fluctuate wildly in recent weeks. While some companies have managed to weather the storm, others have seen their fortunes take a turn for the worse.
The recent decline in the market value of six of India's top companies is a reminder of the challenges that businesses face in today's uncertain economic climate.
Despite the recent decline in the market value of some of India's top companies, there are reasons to be optimistic about the future.
Esta historia es de la edición February 19, 2024 de The Business Guardian.
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