Top Indian firms lose ₹1.40 lakh crore in mcap; IT majors TCS, Infosys among hardest hit, HDFC Bank, RIL top gainers

As India celebrated Ram Navami, the stock market seemed less in a celebratory mood. In the week cut short by the holiday, six of India's top 10 valued firms were feeling helpless, with an eye-popping 1,40,478.38 crore rupees evaporating from their combined market capitalization. 

The downturn fell particularly heavily on the shoulders of two tech titans: Tata Consultancy Services (TCS) and Infosys - reflective of a week where tradition and modern financial realities collided with unexpected force.

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Significant Losses for Tech Giants

TCS saw the maximum erosion in market valuation of ₹62,538.64 crore to end at ₹13,84,804.91 crore. At the same time, Infosys was a big loser as its valuation fell from ₹30,488.12 crore to ₹5,85,936.45 crore.

Shares of Infosys fell by as much as 1 per cent on April 19 after it declined by 8-9 per cent constant currency in the quarterly guidance.

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The banking and consumer goods sectors were also adversely affected. Among other significant firms, ICICI Bank eroded ₹26,423.74 crore from market capitalization, while the State Bank of India saw a ₹14,234.76 crore erosion from its valuation. 

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Valuations of ITC and Hindustan Unilever also declined by ₹6,616.9 crore and ₹176.22 crore. While many companies saw valuations reduce due to the overall negative trend, some managed to buck the trend. 

Bharti Airtel's market capitalization went up by ₹37,797.09 crore, while HDFC Bank and Reliance Industries also added to the valuations, giving gains to the overall metrics of the top 10 firms. The top place continued to be with Reliance Industries, followed by TCS and HDFC Bank.