Bajaj Finance’s market value dips nearly Rs 5,000 crore this week

Mumbai, Sep 28 (IANS) The market valuation of Bajaj Finance fell by Rs 4,977.99 crore this week to Rs 6,12,914.73 crore, as India’s top companies experienced sharp losses amid a bearish trend in equities.

The broader market reflected similar pressures, with the BSE benchmark sliding 2,199.77 points or 2.66 per cent during the week.

The heavy losses were driven by multiple factors. A sharp increase in H-1B visa fees triggered significant selling in technology stocks, while the Indian rupee slipped to a record low against the US dollar, adding to investor concerns.

Additionally, the imposition of 100 per cent tariffs on branded and patented pharmaceutical imports to the US dampened sentiment across sectors, further weakening market confidence, said Ponmudi R, CEO of online trading and wealth tech firm Enrich Money.

Among the top-10 most valued companies, Tata Consultancy Services (TCS) bore the brunt, losing Rs 97,597.91 crore in market valuation to Rs 10,49,281.56 crore.

Reliance Industries’ valuation dropped by Rs 40,462.09 crore to Rs 18,64,436.42 crore, while Infosys lost Rs 38,095.78 crore to stand at Rs 6,01,805.25 crore.

Major banks were also affected, with HDFC Bank’s market value falling by Rs 33,032.97 crore to Rs 14,51,783.29 crore and ICICI Bank’s by Rs 29,646.78 crore to Rs 9,72,007.68 crore.

Bharti Airtel’s valuation declined by Rs 26,030.11 crore to Rs 10,92,922.53 crore, while Life Insurance Corporation of India (LIC) dipped by Rs 13,693.62 crore to Rs 5,51,919.30 crore.

Hindustan Unilever’s mcap dropped by Rs 11,278.04 crore to Rs 5,89,947.12 crore, and State Bank of India’s by Rs 4,846.07 crore to Rs 7,91,063.93 crore.

Despite the losses, the most valued firm in India include HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever, and LIC.

–IANS

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