Mumbai: India’s top companies saw a sharp erosion in wealth last week as seven of the ten most-valued firms collectively lost Rs 88,635 crore in market capitalisation, dragged down by weakness in telecom and IT stocks.

The decline came amid a holiday-shortened trading week, which saw the Sensex fall 722 points (0.86 per cent) and the Nifty 50 slip 230 points (0.89 per cent), extending the subdued trend in equities.

Bharti Airtel and Tata Consultancy Services (TCS) were the biggest losers. Airtel’s market valuation tumbled Rs 30,506 crore to Rs 11.41 lakh crore, while TCS shed Rs 23,680 crore, taking its market capitalisation to Rs 10.82 lakh crore.

Together, the two companies accounted for more than half of the total wealth erosion among the top ten firms.

Other major laggards included

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