Mcap of 7 Top Firms Falls ₹35,439 Crore; SBI and Reliance Take Sharpest Hits
MUMBAI — In a holiday-shortened trading week, the Indian equity markets witnessed a selective sell-off among heavyweights. Seven of the country’s top 10 most valued companies saw their combined market capitalization (mcap) erode by ₹35,439.36 crore, with the State Bank of India (SBI) emerging as the biggest laggard.
Despite the significant decline in the valuation of these giants, the benchmark BSE Sensex managed to stay afloat, ending the week marginally higher by 112.09 points or 0.13%.
The Biggest Losers
State Bank of India (SBI) bore the brunt of the market's cautious sentiment. Its market valuation tumbled by ₹12,692.1 crore, bringing its total mcap down to ₹8,92,046.88 crore. Market analysts attribute this to profit booking and concerns over asset quality in a high-interest-rate environment.
Reliance Industries, the nation’s most valued firm, also saw its valuation slip by ₹8,254.81 crore, settling at ₹21,09,712.48 crore.
Table: Market Cap Erosion Breakdown
| Company | Mcap Loss (₹ Crore) | Final Mcap (₹ Crore) |
| SBI | ₹12,692.10 | ₹8,92,046.88 |
| Reliance Industries | ₹8,254.81 | ₹21,09,712.48 |
| Bajaj Finance | ₹5,102.43 | ₹6,22,124.01 |
| Larsen & Toubro (L&T) | ₹4,002.94 | ₹5,56,436.22 |
| ICICI Bank | ₹2,571.39 | ₹9,65,669.15 |
| LIC | ₹1,802.62 | ₹5,37,403.43 |
| TCS | ₹1,013.07 | ₹11,86,660.34 |
The Resilience of Banks and IT
Bucking the downward trend, three companies in the top-10 pack managed to add to their wealth. HDFC Bank emerged as the star performer, with its valuation jumping by ₹10,126.81 crore to reach ₹15,26,765.44 crore.
Infosys also posted strong gains, surging by ₹6,626.62 crore, while telecom major Bharti Airtel climbed ₹5,359.98 crore in valuation.
Current Market Hierarchy
Even with the weekly fluctuations, the order of India’s most valued companies remains largely intact:
Reliance Industries
HDFC Bank
Bharti Airtel
Tata Consultancy Services (TCS)
ICICI Bank
State Bank of India (SBI)
Infosys
Bajaj Finance
Larsen & Toubro (L&T)
Life Insurance Corporation (LIC)
Market Outlook
The erosion in market cap comes at a time of record foreign fund outflows in 2025, totaling nearly ₹1.6 lakh crore. Investors are currently maintaining a "wait-and-watch" approach as the market transitions into 2026, focusing on large-cap stability amid global economic uncertainties.