Did Bajaj Finance Lose Over Rs 14,000 Crore in Market Value Last Week?
Synopsis
Key Takeaways
Mumbai, Jan 25 (NationPress) The market capitalisation of Bajaj Finance witnessed a staggering drop of over Rs 14,000 crore last week, affected by a prevailing weak market sentiment that impacted many of India’s highest-valued corporations.
This significant decline occurred amidst a widespread sell-off in equities, influenced by global uncertainties, outflows from foreign investors, and pressure on the rupee.
The cumulative market valuation of nine out of the top ten most valued enterprises declined by Rs 2.51 lakh crore last week, signaling a severe downturn in the stock market.
Bajaj Finance was among the primary casualties, with its market capitalisation decreasing by Rs 14,093.93 crore, bringing it down to Rs 5,77,353.23 crore.
The benchmark Sensex faced substantial selling pressure during the week, plummeting by 2,032.65 points, or 2.43 percent.
Market analysts indicated that negative global indicators, persistent selling from foreign institutional investors, a depreciating rupee, and lackluster corporate earnings significantly dampened investor confidence.
Ajit Mishra, Senior Vice President of Research at Religare Broking, noted that the markets experienced a sharp sell-off, with bearish sentiment dominating the week amidst numerous domestic and global concerns.
Among the top companies, Reliance Industries bore the most significant loss, with its market valuation nosediving by Rs 96,960.17 crore to Rs 18,75,533.04 crore.
ICICI Bank saw its valuation shrink by Rs 48,644.99 crore to Rs 9,60,825.29 crore, while HDFC Bank lost Rs 22,923.02 crore, reducing its market value to Rs 14,09,611.89 crore.
Bharti Airtel experienced a market capitalisation decrease of Rs 17,533.97 crore, settling at Rs 11,32,010.46 crore. Tata Consultancy Services witnessed a fall of Rs 16,588.93 crore, bringing its valuation to Rs 11,43,623.19 crore, and Larsen & Toubro lost Rs 15,248.32 crore, landing at Rs 5,15,161.91 crore.
State Bank of India’s market value dipped by Rs 11,907.5 crore to Rs 9,50,199.77 crore, while Infosys saw a reduction of Rs 7,810.77 crore, resulting in a valuation of Rs 6,94,078.82 crore.
Conversely, Hindustan Unilever emerged as the sole gainer among the top ten firms, with its market capitalisation increasing by Rs 12,311.86 crore to Rs 5,66,733.16 crore.
Despite the weekly losses, Reliance Industries continues to hold the title of India’s most valued company, followed closely by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro.