Thirty constituents of the Nifty 50 have together eroded investor wealth worth nearly Rs 22.64 lakh crore in 2026 so far amid persistent selling pressure in banking, IT, auto and consumption-linked stocks. The sharp correction comes against the backdrop of tariff concerns, AI fears, expensive valuations, foreign outflows and rising geopolitical tensions, which have weighed heavily on market sentiment this year.
Among the biggest laggards, HDFC Bank has emerged as the top wealth eroder with its market capitalisation shrinking by Rs 3.55 lakh crore, while the stock has fallen over 23% on a year-to-date basis. Tata Consultancy Services (TCS) followed closely, wiping out Rs 3.17 lakh crore in investor wealth as the IT bellwether plunged more than 27% amid mounting concerns over AI disruption and weak discretionary tech spending globally.
Oil-to-telecom conglomerate Reliance Industries (RIL) saw its market value decline by Rs 2.85 lakh crore despite a relatively lower 13% fall in the stock price, while Infosys erased Rs 1.70 lakh crore in market capitalisation after tumbling 26% this year. Another IT major, HCL Technologies, witnessed one of the steepest declines among heavyweights, shedding nearly 28% and wiping out Rs 1.23 lakh crore in investor wealth.
Other financial stocks like ICICI Bank, Kotak Mahindra Bank, Bajaj Finance and Bajaj Finserv too, came under pressure, together losing over Rs 2.11 lakh crore in market value. Even relatively defensive names such as ITC Limited and Hindustan Unilever Limited failed to escape the selloff.
Auto stocks also witnessed sharp wealth erosion. Maruti Suzuki India Limited lost more than Rs 1.16 lakh crore in market capitalisation as the stock corrected over 22%, while Mahindra & Mahindra Limited saw a Rs 72,995 crore erosion despite strong operational performance.
