Stocks

TCS overtakes Reliance Industries to become most valued firm by market capitalisation

PTI New Delhi | Updated on March 18, 2020 Published on March 18, 2020

Tata Consultancy Services becomes the most valued Indian firm by market valuation.   -  Reuters

The m-cap of TCS was at ₹6,19,499.95 crore

Tata Consultancy Services (TCS) on Wednesday went past Reliance Industries Limited (RIL) yet again to become the most valued Indian firm by market valuation. At close of trade on the BSE, the market capitalisation (m-cap) of TCS was at ₹6,19,499.95 crore, which is ₹5,320.02 crore more than that of RIL’s ₹6,14,179.93 crore valuation.

RIL shares witnessed selling pressure, falling 3.97 per cent to close the day at ₹968.85. During the day, it tumbled 4.72 per cent to ₹961.20. However, decline in shares of TCS was not that sharp as it fell 0.44 per cent to ₹1,650.95 at close. On March 9 also, Tata Consultancy Services had raced past RIL to become most valued domestic firm by m-cap.

A heavy sell-off in the equity market since past few days has pulled down RIL’s market valuation sharply. RIL shares fell for the third consecutive day on Wednesday, dropping 12.47 per cent and wiping out ₹87,506.07 crore from its market valuation in three days. Last week also, Reliance shares came under massive selling pressure amid plunge in international oil prices.

In just about four months, Reliance Industries m-cap has slumped from the highs of ₹10 lakh crore it hit in November last year. RIL and TCS have in the past also competed with each other for the number one position in terms of market capitalisation.

At close of trade on Wednesday, the market capitalisation chart was topped by TCS followed by RIL, HDFC Bank, HUL and HDFC. The m-cap figure of companies changes daily with the movement in their stock prices.

Published on March 18, 2020
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