The combined market valuation of seven of the top-10 most valued firms eroded by ₹3,63,412.18 crore last week, with Reliance Industries emerging as the biggest laggard, amid a bearish trend in equities.
Last week, the BSE benchmark declined by 2,185.77 points or 2.54%.
"Indian equity markets ended last week on a negative note, reflecting heightened risk aversion triggered by renewed US tariff threats and rising geopolitical tensions," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
1 January 2026
Get the latest issue of Outlook Business
While Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Bajaj Finance and Larsen & Toubro faced erosion from their valuation, ICICI Bank, State Bank of India, and Hindustan Unilever were the gainers.
The market valuation of Reliance Industries tumbled ₹1,58,532.91 crore to ₹19,96,445.69 crore.
HDFC Bank's valuation eroded by ₹96,153.61 crore to ₹14,44,150.26 crore.
The market valuation of Bharti Airtel declined by ₹45,274.72 crore to ₹11,55,987.81 crore, and that of Bajaj Finance plunged ₹18,729.68 crore to ₹5,97,700.75 crore.
Larsen & Toubro's market capitalisation (mcap) dropped by ₹18,728.53 crore to ₹5,53,912.03 crore, and that of TCS declined by ₹15,232.14 crore to ₹11,60,682.48 crore.
The mcap of Infosys edged lower by ₹10,760.59 crore to ₹6,70,875 crore.
However, the valuation of ICICI Bank jumped ₹34,901.81 crore to ₹ 10,03,674.95 crore.
The mcap of Hindustan Unilever climbed ₹6,097.19 crore to ₹5,57,734.23 crore, and that of State Bank of India edged higher by ₹599.99 crore to ₹9,23,061.76 crore.
Reliance Industries remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.
