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Market cap of India's top 9 firms down ₹3.12L crore
17 May 2026

The combined market capitalization of nine out of the top 10 most valued companies in India has witnessed a massive drop of ₹3.12 lakh crore last week.

Reliance Industries was the biggest loser, with its market valuation plummeting by ₹1.34 lakh crore to ₹18.08 lakh crore.

The fall comes amid a broader downturn in the Indian stock market, with Sensex and Nifty both witnessing significant declines last week.

Experts attribute market fall to geopolitical tensions and inflation fears
Market analysis

Ajit Mishra, SVP of research at Religare Broking Ltd, attributed the market downturn to lingering geopolitical tensions in West Asia, a weak rupee, and rising inflationary concerns.

He said the sharp rise in crude oil prices above $105 per barrel has intensified fears of imported inflation, fiscal stress on the economy, and pressure on corporate margins.

Other companies that saw decline in m-cap
Valuation impact

Top companies that witnessed a fall in their market capitalization include State Bank of India (SBI), Tata Consultancy Services (TCS), Bajaj Finance, HDFC Bank, and ICICI Bank.

SBI's valuation fell by ₹52,245 crore to ₹8.89 lakh crore, while TCS's value tanked by ₹47,415 crore to ₹8.19 lakh crore.

Bajaj Finance's valuation dived by ₹27,892 crore to ₹5.67 lakh crore, and HDFC Bank's m-cap dropped by ₹20,630 crore to ₹11.82 lakh crore.

Bharti Airtel bucks trend
Market resilience

Despite the general downturn in the Indian market, Bharti Airtel emerged as a winner last week. Its market valuation had jumped by ₹42,470 crore to end at ₹11.60 lakh crore.