HDFC Bank saw its market valuation erode by Rs 61,715 crore this week as a sharp sell-off in equities dragged down the combined market capitalisation of India’s top-10 companies by Rs 4.48 lakh crore. The decline came during a turbulent week for the stock market when the benchmark indices, BSE Sensex and NSE Nifty 50, witnessed steep losses.

Rising crude oil prices and growing concerns over inflation, along with the widening conflict in West Asia, dampened investor sentiment and triggered heavy selling across sectors. During the week, the Sensex plunged 4,354.98 points, or 5.51 per cent, while the Nifty dropped 1,299.35 points, or 5.31 per cent.

Among the country’s most valued companies, HDFC Bank was one of the biggest losers. Its market capitalisation declined by Rs 61,715.32 crore, taking its total valuation down to Rs 12,57,391.76 crore. Public sector lender State Bank of India suffered the steepest decline in valuation, with its market capitalisation falling by Rs 89,306.22 crore to Rs 9,66,261.05 crore.

Financial services major Bajaj Finance also saw a sharp erosion of Rs 59,082.49 crore in its valuation, which dropped to Rs 5,32,053.54 crore. The market value of IT giant Tata Consultancy Services declined by Rs 53,312.52 crore to Rs 8,72,067.63 crore.

Meanwhile, the valuation of ICICI Bank fell by Rs 42,205.04 crore to Rs 8,97,844.78 crore, while telecom major Bharti Airtel lost Rs 38,688.78 crore in market value, taking its total to Rs 10,28,431.72 crore. Energy conglomerate Reliance Industries saw its valuation decline by Rs 33,289.88 crore to Rs 18,68,293.17 crore, though it continued to remain the most valued company in the country.

The market capitalisation of Life Insurance Corporation of India fell by Rs 31,245.49 crore to Rs 4,88,985.57 crore, while IT major Infosys lost Rs 24,230.96 crore in valuation to Rs 5,06,315.58 crore. FMCG giant Hindustan Unilever also witnessed a decline in market value, which dropped by Rs 15,401.57 crore to Rs 5,07,640.94 crore.