M-Cap of India's most-valued firms drop ₹3.63 trillion — Reliance, HDFC Bank, Bharti Airtel, others among key drivers

The combined market capitalisation (M-Cap) of seven of the top 10 most-valued Indian companies dropped by ₹3,63,412.18 crore or ₹3.63 trillion in the last one-week period, as Reliance Industries, HDFC Bank, and Bharti Airtel were among others as the key drivers of the move, reported the news agency PTI.

Mint reported earlier on Friday, 9 January 2026, that the key benchmark indices ended in the red for the first consecutive session amid renewed US tariff concerns, the upcoming Q3 results season, and pressure over the foreign capital outflows.

Stock market outlook

As of Friday, the Nifty 50 index closed 0.75% lower at 25,683.30 points, compared to 25,876.85 points at the previous stock market session, according to the exchange data. The BSE Sensex index also closed 0.72% lower at 83,576.24 points, compared to 84,180.96 points at the previous trading close.

“Going ahead, the Q3 result season and expectations around the Union Budget 2026 will be the key market drivers. Further, the upcoming U.S. Supreme Court verdict on tariffs, scheduled for Friday, will be closely monitored, as any clarity could influence near-term global market sentiment,” said Siddhartha Khemka, the Head of Research - Wealth Management at Motilal Oswal Financial Services.

Key drivers of M-Cap erosion

Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Bajaj Finance and Larsen & Toubro (LT) were the key drivers dragging the benchmark indices losing their market capitalisation (M-Cap), as per the agency report.

According to the report, Reliance Industries emerged as the biggest laggard in terms of M-Cap, dropping by ₹1.58 trillion to ₹19.96 trillion. India's largest private sector lender, HDFC Bank's market capitalisation eroded by ₹96,153.61 crore to ₹14.44 trillion as of last week's market close.

Bharti Airtel's M-Cap dropped by ₹45,274.72 crore to ₹11.55 trillion, Bajaj Finance's M-Cap lost ₹18,729.68 crore to stand at ₹5.97 trillion as of last week's close.

Larsen & Toubro's market capitalisation dropped by ₹18,728.53 crore to ₹5.53 trillion, TCS's M-Cap declined by ₹15,232.14 crore to ₹11.60 trillion, and IT major Infosys' M-Cap dropped by ₹10,760.59 crore to ₹6.7 trillion, as per the report.

Who were the top M-Cap gainers?

Other companies like ICICI Bank, State Bank of India, and Hindustan Unilever (HUL) were among the gainers in market capitalisation (M-Cap), according to the agency report.

Institutional lender ICICI Bank's M-Cap jumped by ₹34,901.81 crore to ₹10.03 trillion, Hindustan Unilever's M-Cap rose by ₹6,097.19 crore to ₹5.57 trillion, and SBI's M-Cap gained by ₹599.99 crore to ₹9.23 trillion.

Despite the changes in M-Cap, the CompanyMarketCap data showed that Reliance Industries still remains the most valuable Indian company listed on the stock market.

Reliance's lead is followed by HDFC Bank, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro, in the same order.

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