The combined market capitalisation of India’s top 10 domestic companies plummeted by Rs 4.48 lakh crore last week, mirroring a sharp fall in equities. Banking giants State Bank of India and HDFC Bank bore the brunt of the losses.

During the week, the BSE Sensex tumbled 4,354.98 points, a decline of 5.51%, while the NSE Nifty slipped 1,299.35 points, down 5.31%. Analysts attributed the sharp sell-off to soaring crude oil prices, which have heightened concerns over inflation and global economic stability amid escalating tensions in West Asia.

Also read | Gold slips this week in India: Here are city-wise prices on March 14

"The primary driver behind the market weakness was the sustained rise in crude oil prices following the escalating conflict between Iran, the United States and Israel. Brent crude surged past USD 101 per barrel, raising concerns over India's fiscal position and inflation outlook," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

Also read | US Fed likely to hold interest rates steady as Iran war clouds economic outlook

The market valuation of State Bank of India tumbled Rs 89,306.22 crore to Rs 9,66,261.05 crore.

HDFC Bank faced an erosion of Rs 61,715.32 crore to Rs 12,57,391.76 crore.

The valuation of Bajaj Finance dived Rs 59,082.49 crore to Rs 5,32,053.54 crore and that of Tata Consultancy Services (TCS) tanked Rs 53,312.52 crore to Rs 8,72,067.63 crore.

The market capitalisation (mcap) of ICICI Bank dropped by Rs 42,205.04 crore to Rs 8,97,844.78 crore and that of Bharti Airtel plunged Rs 38,688.78 crore to Rs 10,28,431.72 crore.

Reliance Industries' valuation fell by Rs 33,289.88 crore to Rs 18,68,293.17 crore.

The mcap of LIC diminished by Rs 31,245.49 crore to Rs 4,88,985.57 crore and that of Infosys declined by Rs 24,230.96 crore to Rs 5,06,315.58 crore.

Hindustan Unilever's mcap dipped by Rs 15,401.57 crore to Rs 5,07,640.94 crore.

Reliance Industries remained the most valued domestic firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Hindustan Unilever, Infosys and LIC. PTI