Mcap of 8 of top-10 firms erodes by Rs 1.55 lakh cr; HDFC Bank, Bajaj Fin biggest laggards
BSE moved lower.
· Economic Times Markets, ET Stocks, Business Standard Mkts
Recently, the market witnessed a downturn, with eight of the leading firms in India suffering major valuation losses. The declines of HDFC Bank and Bajaj Finance were particularly striking. The BSE Sensex plummeted by 1,605.44 points, indicating a bearish atmosphere across equities. While Tata Consultancy Services and Larsen & Toubro showed some gains, the overall trend remained negative.
The analysis
BSE reported Rs 1.55 lakh. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +1.4% on the day at ₹692.80, and has returned -8.1% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -6.0% over the same period, so HDFC Bank is running 2.1 points behind its peers.
For HDFC Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Why it matters
- With BSE involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- The 4 companies named span 4 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 4 of 4 are higher: HDFC Bank leads at +1.4% and Bajaj Finance trails at +0.0%.
- Over three months: HDFC Bank -8.1% against Banks -6.0% (2.1 points behind); Bajaj Finance -10.9% against Financial Services -14.9% (4.0 points ahead); Tata Consultancy +2.9% against IT -3.1% (6.0 points ahead); Larsen & Toubro -1.7% against Infrastructure -15.8% (14.1 points ahead).
- At least 25% below the 52-week high: HDFC Bank (31%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| HDFC BankHDFCBANK · Banks | ₹692.80 | +1.4% | -2.2% | -8.1% | -31.4% | 0.7× | — |
| Bajaj FinanceBAJFINANCE · Financial Services | ₹939.10 | +0.0% | -2.1% | -10.9% | -19.0% | 1.2× | — |
| Tata ConsultancyTCS · IT | ₹2,502.60 | +1.0% | +22.0% | +2.9% | -24.7% | 0.5× | — |
| Larsen & ToubroLT · Infrastructure | ₹3,871.70 | +0.9% | +3.0% | -1.7% | -12.4% | 0.9× | — |
Banks
1M -3.4% · 3M -6.0%
HDFC Bank
Financial Services
1M -8.8% · 3M -14.9%
Bajaj Finance
IT
1M +5.2% · 3M -3.1%
Tata Consultancy
Infrastructure
1M -10.5% · 3M -15.8%
Larsen & Toubro
Prices as of 30 Oct 2026, 16:11 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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