Top 10 firms shed Rs 2.74 lakh crore in a week; HUL is the lone gainer

Nine of India’s 10 most valuable companies lost a combined Rs 2.74 lakh crore in market value during the week ended July 24. Reliance Industries lost Rs 65,429.82 crore, while Hindustan Unilever added Rs 152.73 crore.

— Source publishedSun, 26 Jul, 2026, 15:57 IST·First seen Sun, 26 Jul, 2026, 16:26 IST·Source Financial Express · BrandWagon

What happened

Nine of India’s 10 most valuable companies lost Rs 2.74 lakh crore in market value during the week ended July 24. Reliance Industries lost Rs 65,429.82 crore,

Key facts

  • Rs 2.74 lakh crore combined market-cap loss
  • Rs 1.18 lakh crore HDFC Bank market-cap loss
  • 9.4% weekly decline in HDFC Bank shares
  • Rs 65,429.82 crore Reliance Industries market-cap loss
  • Rs 17.30 lakh crore Reliance Industries market capitalisation
  • Rs 152.73 crore Hindustan Unilever market-cap gain
  • 2.67% Sensex weekly decline
  • 2.32% Nifty weekly decline

Why this matters

The large-cap valuation reset may create a more receptive environment for disciplined partnerships or acquisitions, while HUL’s relative resilience strengthens its strategic currency.

What to watch

  • HUL quarterly volume growth, rural-versus-urban demand trends and management guidance.
  • Palm oil, crude derivatives and other key input-cost movements affecting FMCG gross margins.
  • India CPI food inflation, monsoon progress and rural wage/income indicators.
  • Foreign portfolio investor flows into Indian equities and volatility in benchmark indices.
  • Earnings updates and valuation changes for Reliance, major banks and IT firms, which could determine whether the broader sell-off reverses.
  • Any HUL price hikes, grammage reductions, promotional changes or competitive-share commentary.
  • HUL is likely to emphasize volume-led growth, premiumization and rural-distribution expansion to validate its defensive-market positioning.
  • Competitors in FMCG may increase promotional intensity if category demand slows, raising the risk of higher advertising and trade-spend requirements.
  • Portfolio managers may rebalance toward consumer staples and other low-volatility names until earnings and macro signals improve.
  • Large-cap firms facing sharp valuation losses may accelerate buybacks, dividends, asset monetization or investor communication to stabilize sentiment.