India's top-10 firms shed ₹2.74 lakh crore in market cap last week
Synopsis
India's equity markets delivered a punishing week, wiping out ₹2.74 lakh crore from nine of the country's 10 most-valued firms. HDFC Bank alone accounted for nearly half the carnage — its 9.40% weekly plunge driven by margin pressure fears — while Hindustan Unilever's marginal gain stood as the lone counter-signal in an otherwise brutal session for blue-chip India.
Key Takeaways
Nine of India's top-10 most-valued companies lost a combined ₹2.74 lakh crore in market capitalisation last week.
BSE Sensex fell 2,091.68 points (2.67%) and Nifty50 dropped 566.85 points (2.32%) over the week.
HDFC Bank was the biggest loser, shedding ₹1,18,383.91 crore as its shares fell 9.40% on margin pressure concerns.
Reliance Industries lost ₹65,429.82 crore but retained its position as India's most-valued listed company at ₹17,29,661.44 crore .
Hindustan Unilever was the sole gainer, adding ₹152.73 crore to close at a market cap of ₹5,03,928.59 crore .
Nine of India's 10 most-valued listed companies collectively lost ₹2.74 lakh crore in market capitalisation last week, as a sharp sell-off swept through domestic equities and battered heavyweight stocks. HDFC Bank bore the steepest losses, while Hindustan Unilever was the sole gainer among the group.
Market Rout in Context
The erosion in market cap mirrored a brutal week for Indian benchmarks. The BSE Sensex tumbled 2,091.68 points, or 2.67%, over the five sessions, while the Nifty50 shed 566.85 points, or 2.32%. The broad-based decline pulled down virtually every heavyweight in the country's top tier.
HDFC Bank Leads the Losses
HDFC Bank recorded the sharpest fall, with its market value collapsing by ₹1,18,383.91 crore to ₹11,43,985.90 crore. The private lender's shares slumped 9.40% during the week amid investor concerns over pressure on its net interest margins — a worry that has trailed the bank since its merger integration with HDFC Ltd.
Reliance Industries, India's most-valued company, saw its market cap shrink by ₹65,429.82 crore to ₹17,29,661.44 crore, the second-largest absolute loss of the week.
The Full Damage Sheet
State Bank of India (SBI) lost ₹26,814.94 crore, closing the week at a market cap of ₹9,36,953.84 crore. Bajaj Finance shed a near-identical ₹26,802.74 crore, ending at ₹6,30,471.54 crore.
Life Insurance Corporation of India (LIC) saw its valuation drop by ₹15,116.74 crore to ₹5,33,007.56 crore. ICICI Bank lost ₹6,223.84 crore, settling at ₹10,28,217.93 crore, while Bharti Airtel gave up ₹6,021.64 crore to close at ₹11,85,046.13 crore.
Tata Consultancy Services (TCS) declined by ₹5,191.95 crore to ₹8,15,480.75 crore, and engineering conglomerate Larsen & Toubro shed ₹4,092.79 crore, bringing its market cap to ₹5,20,747.89 crore.
One Bright Spot: Hindustan Unilever
Hindustan Unilever bucked the broader trend, adding a modest ₹152.73 crore to its market capitalisation, which stood at ₹5,03,928.59 crore at the week's close. The FMCG major's resilience reflects defensive buying during equity stress — a pattern seen in previous risk-off episodes.
Rankings Hold Despite the Rout
Despite the widespread losses, the pecking order among India's most-valued firms remained unchanged. Reliance Industries retained the top spot, followed by Bharti Airtel, HDFC Bank, ICICI Bank, SBI, TCS, Bajaj Finance, LIC, Larsen & Toubro, and Hindustan Unilever. With margin concerns for banks and global macro uncertainty still unresolved, market watchers will be closely tracking the next round of quarterly earnings for signs of stabilisation.
Point of View
But the subtext is more troubling: margin anxiety has now become a structural overhang on India's largest private lender, not a one-quarter blip. With ₹1.18 lakh crore wiped from a single stock, the bank accounted for nearly half the total top-10 losses — a concentration of pain that signals the market is still pricing in integration risk from the HDFC merger. Meanwhile, Hindustan Unilever's marginal gain is a textbook flight-to-defensives signal: when FMCG outperforms in a down week, it usually means institutional money is de-risking, not bargain-hunting. The rankings staying intact despite the carnage offers cold comfort — what matters now is whether the earnings season delivers enough clarity on bank margins to halt the slide.
NationPress
26 Jul 2026
Frequently Asked Questions
How much market capitalisation did India's top-10 companies lose last week?
Nine of India's 10 most-valued listed companies collectively shed ₹2.74 lakh crore in market capitalisation last week, driven by a broad equity sell-off that pulled the Sensex down 2,091.68 points and the Nifty50 down 566.85 points.
Why did HDFC Bank fall so sharply last week?
HDFC Bank's shares fell 9.40% last week, erasing ₹1,18,383.91 crore in market value, as investors grew concerned about pressure on the bank's net interest margins. The stock has faced scrutiny over margin trends following its merger with HDFC Ltd.
Which company was the only gainer among India's top-10 last week?
Hindustan Unilever was the sole company among India's 10 most-valued firms to post a gain, adding ₹152.73 crore to end the week with a market cap of ₹5,03,928.59 crore. The FMCG major benefited from defensive buying during the broader market rout.
Did the rankings of India's most-valued companies change after the sell-off?
No, the order remained unchanged. Reliance Industries held the top spot at ₹17,29,661.44 crore, followed by Bharti Airtel, HDFC Bank, ICICI Bank, SBI, TCS, Bajaj Finance, LIC, Larsen & Toubro, and Hindustan Unilever.
How much did Reliance Industries lose in market cap last week?
Reliance Industries saw its market capitalisation shrink by ₹65,429.82 crore to ₹17,29,661.44 crore, making it the second-largest absolute loser of the week after HDFC Bank, though it retained its position as India's most-valued listed company.
