India’s top 10 companies lose combined ₹1.66 lakh crore in market value; Reliance, LIC biggest laggards

In a turbulent week for Indian markets, eight of the top 10 most valuable companies saw their combined market capitalization shrink by ₹1,66,954.07 crore. This decline mirrored the overall weakness in equities, with the BSE benchmark index dropping 1,276.04 points or 1.57 per cent.

Reliance Industries and Life Insurance Corporation of India (LIC) were the hardest hit among the top-tier firms. Reliance Industries saw its market value plummet by ₹33,930.56 crore, bringing its total capitalization to ₹19,94,765.01 crore. LIC's valuation fell by ₹30,676.24 crore, settling at ₹7,17,001.74 crore.

Other major companies also experienced significant losses. State Bank of India's value decreased by ₹21,151.33 crore, while Infosys and Tata Consultancy Services (TCS) saw declines of ₹20,973.19 crore and ₹19,157.77 crore, respectively. Bharti Airtel and ICICI Bank weren't spared either, with their market caps shrinking by ₹16,993.56 crore and ₹16,975.55 crore, respectively. HDFC Bank's valuation also dipped by ₹7,095.87 crore.

However, not all companies in the top-10 list saw losses. Hindustan Unilever's market capitalization increased by ₹12,946.24 crore, reaching ₹6,45,808.65 crore. ITC also bucked the trend, with its valuation rising by ₹8,406.26 crore to ₹6,19,829.37 crore.

Despite the setbacks, Reliance Industries maintained its position as India's most valuable company, followed by TCS, HDFC Bank, Bharti Airtel, and ICICI Bank rounding out the top five. State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC completed the list of the ten most valuable firms in the Indian market.

Adani-Hindenburg case

SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have strongly denied allegations made by Hindenburg Research, a U.S.-based short-seller, claiming that the couple held stakes in offshore entities linked to the Adani Group. The Buchs described these claims as "baseless" and accused Hindenburg of attempting to assassinate their character in retaliation for enforcement actions taken by SEBI.

"Our life and finances are an open book," Buch stated, stressing her readiness to disclose all financial records to refute the allegations.