Indian top firms lose market value

Over two consecutive weeks in August 2026, Indian equities experienced a bearish trend, leading to significant erosion in the market capitalisation of several top-10 most valued firms. In the week ending August 16, five firms including Tata Consultancy Services, Reliance Industries, State Bank of India, HDFC Bank, and ICICI Bank collectively lost Rs 1 lakh crore, with TCS suffering the largest drop of Rs 34,263.28 crore. The following week ending August 23, four firms including Bharti Airtel, TCS, State Bank of India, and Unilever — Hindustan Unilever saw their combined valuation erode by Rs 87,960.29 crore, with Bharti Airtel hit hardest, losing Rs 28,052.96 crore. The S&P BSE Sensex declined 0.60% and the NSE Nifty 0.46% during the latter week. Analysts attributed the weakness to elevated crude oil prices, rising global bond yields, and geopolitical uncertainty. Conversely, some firms gained, with Life Insurance Corporation and Reliance Industries posting notable increases. Reliance Industries remained India's most valued company throughout.