The combined market value of India's corporate giants took a severe hit in the past week, with seven out of the top ten most-valued companies witnessing a staggering erosion in wealth. According to a PTI report, the total market capitalisation (M-Cap) of these firms plummeted by ₹3,63,412.18 crore (₹3.63 trillion) in a period marked by heightened global uncertainty and domestic caution.
Benchmark Indices Reflect the Bearish Sentiment
The sell-off was mirrored in the key equity indices, which closed in negative territory. As per exchange data on Friday, 9 January 2026, the Nifty 50 index ended 0.75% lower at 25,683.30 points, down from its previous close of 25,876.85 points. Similarly, the BSE Sensex index fell 0.72% to settle at 83,576.24 points, compared to 84,180.96 points in the last trading session.
Analysts attributed the downturn to a confluence of factors. Siddhartha Khemka, Head of Research - Wealth Management at Motilal Oswal Financial Services, highlighted the upcoming triggers. "Going ahead, the Q3 result season and expectations around the Union Budget 2026 will be the key market drivers," he stated. He further added that the upcoming U.S. Supreme Court verdict on tariffs, scheduled for Friday, would be closely monitored, as any clarity could influence near-term global market sentiment.
Heavyweights Lead the Market Capitalisation Erosion
The report identified the major contributors to the market cap decline. The laggards included Reliance Industries (RIL), HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Bajaj Finance, and Larsen & Toubro (L&T).
Reliance Industries emerged as the biggest loser, with its market valuation shrinking by a colossal ₹1.58 trillion to ₹19.96 trillion. Following closely, HDFC Bank's market cap eroded by ₹96,153.61 crore to ₹14.44 trillion. Other significant declines were noted in:
- Bharti Airtel: M-Cap dropped by ₹45,274.72 crore to ₹11.55 trillion.
- Bajaj Finance: M-Cap lost ₹18,729.68 crore to stand at ₹5.97 trillion.
- Larsen & Toubro: Market capitalisation fell by ₹18,728.53 crore to ₹5.53 trillion.
- Tata Consultancy Services: M-Cap declined by ₹15,232.14 crore to ₹11.60 trillion.
- Infosys: M-Cap dropped by ₹10,760.59 crore to ₹6.7 trillion.
Silver Lining: The Gainers Amidst the Gloom
Not all blue-chips faced the heat. A few companies managed to buck the trend and add to their market value. As per the agency report, ICICI Bank, State Bank of India (SBI), and Hindustan Unilever (HUL) were among the gainers.
ICICI Bank's M-Cap jumped by ₹34,901.81 crore to ₹10.03 trillion, making it a notable performer. Hindustan Unilever saw its valuation rise by ₹6,097.19 crore to ₹5.57 trillion, while SBI's M-Cap gained a modest ₹599.99 crore to reach ₹9.23 trillion.
Despite the significant erosion, the hierarchy at the very top remained unchanged. Data from CompanyMarketCap showed that Reliance Industries retained its position as India's most valuable listed company. The order of the top ten, post the weekly churn, was: Reliance Industries, HDFC Bank, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro.
Disclaimer: This story is for informational purposes only. The views and recommendations expressed are those of individual analysts or broking firms. Investors are advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly.
