Iran-Israel conflict wipes out Rs 34 lakh crore, HDFC bank among top losers
The escalating Iran-Israel war has led to a significant downturn in the Indian stock market, with investors losing around Rs 34 lakh crore. HDFC Bank, SBI, Hindustan Unilever, Bajaj Finance, and Tata Consultancy Services are among the major companies that have suffered significant losses
Mumbai (The Uttam Hindu): The dreadful impact of the fierce war between Iran and Israel is now clearly visible on the Indian stock market as well. Due to this global tension, there is chaos in Dalal Street. Within the last one week, around Rs 34 lakh crore of investors' money has been wiped out from the Indian stock market. Amidst this huge turmoil, 5 big companies included in the top 10 of the country have suffered the biggest blow, due to which the hard earned money of around Rs 1,02,771.87 crore of investors has been wiped out in a moment.
HDFC Bank suffered the biggest setback, while SBI made huge profits
The banking sector, especially the country's largest private bank, HDFC, has borne the brunt of this massive market crash. While the market was gripped by the tension of the war, HDFC Bank's part-time chairman, Atanu Chakraborty, suddenly resigned from his post. This double whammy caused the bank's market cap to plummet by ₹56,124.48 crore last week. In contrast, the public sector State Bank of India (SBI) has provided investors with a significant boost even in this declining market. SBI's market cap has increased by ₹10,707.52 crore, indicating that investors are placing more trust in public sector banks than private banks during times of crisis.
The market cap of these big companies also crashed
Apart from HDFC Bank, investors of several other big companies have also had to cry tears of blood. FMCG giant Hindustan Unilever has suffered a huge loss of Rs 18,009.62 crore. Similarly, Bajaj Finance has suffered a huge loss of Rs 15,338.42 crore, IT giant Tata Consultancy Services (TCS) has suffered a loss of Rs 7,127.63 crore and ICICI Bank has suffered a huge loss of Rs 6,171.72 crore. The figures of these big companies have created an atmosphere of fear in the market.
Light greenery returns after the worst fall in 22 months
If we look at last week's data, investors certainly got some relief on the market's final trading day. The Sensex rose 325.72 points, and the Nifty closed in the green with a gain of 112.35 points. But just a day before, the market had suffered its worst decline in 22 months. This loss of over ₹1 lakh crore to the market cap of major companies has made it clear that the ongoing Middle East war could have a profound and frightening impact on the Indian market.