Daijiworld Media Network - Mumbai

Mumbai, Sep 28 Bajaj Finance saw its market valuation shrink by Rs 4,977.99 crore this week to Rs 6,12,914.73 crore, as sharp declines across major Indian companies reflected a broader bearish sentiment in the equity markets. The BSE benchmark index plunged 2,199.77 points, or 2.66%, over the week, indicating widespread investor caution.

Several global and domestic factors contributed to the downturn. A steep hike in H-1B visa fees triggered heavy selling in IT stocks, while the Indian rupee’s fall to a record low against the US dollar added to the uncertainty. Additionally, the United States’ decision to impose 100% tariffs on branded and patented pharma imports dealt a further blow to market sentiment, said Ponmudi R, CEO of Enrich Money.

Among the biggest losers, Tata Consultancy Services (TCS) suffered the most, with a staggering Rs 97,597.91 crore erosion in value, bringing its market cap down to Rs 10,49,281.56 crore. Reliance Industries followed, shedding Rs 40,462.09 crore to settle at Rs 18,64,436.42 crore.

Infosys lost Rs 38,095.78 crore, falling to Rs 6,01,805.25 crore in valuation. Major banks weren’t spared either—HDFC Bank dropped Rs 33,032.97 crore to Rs 14,51,783.29 crore, while ICICI Bank declined by Rs 29,646.78 crore to Rs 9,72,007.68 crore.

Bharti Airtel's market cap fell by Rs 26,030.11 crore to Rs 10,92,922.53 crore, and LIC lost Rs 13,693.62 crore, settling at Rs 5,51,919.30 crore. Hindustan Unilever's valuation slipped by Rs 11,278.04 crore to Rs 5,89,947.12 crore, while the State Bank of India dropped Rs 4,846.07 crore to Rs 7,91,063.93 crore.

Despite the week's losses, India’s most valued companies continue to include HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever, and LIC.