India’s largest government bank, SBI (State Bank of India), suffered a whopping ₹44935 crore loss in its market valuation. The Indian share market has remained in the red in the past few weeks, and SBI has faced pressure from weak trends, resulting in this huge loss. As per the market data, SBI’s market capitalisation has slumped to ₹6,63,233.14 crore.
The largest Indian private bank, HDFC Bank, also suffered the same fate and lost ₹70,479.23 crore to ₹ 1267440.61 crore in mcap in the same period. Besides HDFC, Mukesh Ambani-led Reliance Industries, ICICI Bank, and ITC witnessed a decrease in their market capitalisation.
In contrast, Tata Group’s TCS, Sunil Mittal’s Bharti Airtel, Infosys, Hindustan Unilever, and HCL Technologies benefited from the gains.
Last week, Nifty fell 573.25 points (2.38%), and the BSE benchmark dropped 1,844.2 points (2.32%).
Five of India’s top 10 most-valued companies lost a total of ₹1,85,952.31 crore in market valuation, among which HDFC Bank took the biggest hit.
Ambani-led Reliance Industries retained its position as the most valued domestic company in the market, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and HCL Tech.