Business News: The combined market value of the top 10 biggest companies fell by Rs 2,99,661.36 crore last week, pursuit a weak trend in stocks. IT giant Tata Consultancy Services (TCS) faced the largest loss. Last week, the BSE benchmark alphabetize dropped by 2,199.77 points, or 2.66 per cent.
Visa fee hike and US tariffs hurt market mood
A steep rise in H-1B visa charges triggered heavy selling in technology shares. This moreover pushed the Indian rupee to a record low versus the US dollar. Adding to the pressure, the US imposed 100 per cent tariffs on branded and patented drug imports. This remoter dampened investor mood, creating ripple effects wideness many industries and weighing lanugo overall market confidence, said Ponmudi R, CEO of Enrich Money, an online trading and wealth tech platform.
TCS suffers steepest fall in valuation
The market value of Tata Consultancy Services fell by Rs 97,597.91 crore to Rs 10,49,281.56 crore, the biggest waif among the top 10 companies. Reliance Industries’ valuation slipped by Rs 40,462.09 crore to Rs 18,64,436.42 crore. Infosys’ valuation went lanugo by Rs 38,095.78 crore to Rs 6,01,805.25 crore. HDFC Bank lost Rs 33,032.97 crore to Rs 14,51,783.29 crore, while ICICI Bank dropped Rs 29,646.78 crore to Rs 9,72,007.68 crore.
Other major firms moreover see declines
Bharti Airtel’s valuation decreased by Rs 26,030.11 crore to Rs 10,92,922.53 crore. Life Insurance Corporation of India (LIC) fell by Rs 13,693.62 crore to Rs 5,51,919.30 crore. Hindustan Unilever dropped Rs 11,278.04 crore to Rs 5,89,947.12 crore, while Bajaj Finance went lanugo by Rs 4,977.99 crore to Rs 6,12,914.73 crore. The State Bank of India’s valuation moreover slipped by Rs 4,846.07 crore to Rs 7,91,063.93 crore. Reliance Industries stayed the most valued company, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever and LIC.
