The combined market valuation of all the top-10 most valued firms plunged Rs 4,95,061 crore last week, in line with a bearish trend in equities, where Tata Consultancy Services and Reliance Industries faced the sharpest erosion.

Last week, the BSE benchmark tanked 4,091.53 points or 4.98 per cent.

“The Indian equity market recorded its steepest weekly decline since June 2022, with the Nifty losing 4.77 per cent. The week began with the US Federal Reserve’s announcement, which significantly altered market sentiment.

“Led by Chair Jerome Powell, the Federal Reserve revised its outlook to only two rate cuts in 2025 instead of the previously anticipated four. This shift in policy dampened market confidence,” Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said.

The market capitalisation (mcap) of Tata Consultancy Services (TCS) slumped Rs 1,10,550.66 crore to Rs 15,08,036.97 crore.

The valuation of Reliance Industries tumbled Rs 91,140.53 crore to Rs 16,32,004.17 crore.

HDFC Bank’s market valuation eroded by Rs 76,448.71 crore to Rs 13,54,709.35 crore and that of Bharti Airtel tanked Rs 59,055.42 crore to Rs 8,98,786.98 crore.

The mcap of State Bank of India plunged Rs 43,909.13 crore to Rs 7,25,125.38 crore and that of ICICI Bank diminished by Rs 41,857.33 crore to Rs 9,07,449.04 crore.

The valuation of Infosys plummeted Rs 32,300.2 crore to Rs 7,98,086.90 crore and that of Life Insurance Corporation of India (LIC) fell by Rs 20,050.25 crore to Rs 5,69,819.04 crore. Hindustan Unilever’s mcap declined by Rs 12,805.27 crore to Rs 5,48,617.81 crore and that of ITC went lower by Rs 6,943.5 crore to Rs 5,81,252.32 crore.

In the ranking of the top-10 firms, Reliance Industries retained the most valued firm title followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC and Hindustan Unilever.