India's equity markets plunged last week, erasing Rs 3,63,412 crore from the combined market capitalization of seven out of the top 10 most valuable firms, the steepest weekly drop since September 2025 . The BSE Sensex shed 2,185 points or 2.54%, closing at around 84,164 amid broad selling, while the Nifty fell below 25,850 .
Renewed US tariff threats under President Donald Trump triggered the rout, with approval of a bipartisan sanctions bill imposing up to 500% tariffs on nations buying Russian oil—India imported 35-40% from Russia in 2025 despite warnings. Reliance Industries halted Russian crude imports for January, as refiners report data to navigate tensions . Foreign investors withdrew Rs 11,789 crore in early January, extending 2025's Rs 1.66 lakh crore outflows .
Key Losers and Gainers Table.
| Rank | Company | Loss/Gain (Rs Cr) | Ending MCap (Rs Cr) |
| 1 | Reliance Industries | -1,58,532 | 19,96,446 |
| 2 | HDFC Bank | -96,154 | 14,44,150 |
| 3 | Bharti Airtel | -45,275 | 11,55,988 |
| 4 | TCS | -15,232 | ~15,00,000 (est.) |
| 5 | Infosys | -10,761 | ~7,50,000 (est.) |
| 6 | ICICI Bank | +34,902 | 10,03,675 |
| 7 | HUL | +6,097 | ~6,50,000 (est.) |
| 8 | SBI | +600 | ~7,50,000 (est.) |
Reliance retained top spot despite the hit, while banking peers like HDFC and ICICI showed split fortunes . IT and export sectors tumbled 2-3%, with India VIX spiking 16% to near 11 .
Outlook
Analysts see rupee depreciation risks and oil volatility persisting, but Bank Nifty outperformed amid domestic resilience . India eyes trade negotiations to avert escalation . Markets remain cautious ahead of US court rulings on tariffs .
