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TCS overtakes RIL as India's most valued co
As the share price of Reliance Industries Ltd (RIL) fell by 1.68 per cent to Rs 794.45, the company's market value also slipped to Rs 2,57,111 crore (Rs 2,571.11 billion) -- below Tata Consultancy Services' Rs 2,58,578 crore (Rs 2,585.78 billion).
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TCS overtakes RIL as India's most valued co
Consequently, RIL lost its about position of the country's largest company in terms of market valuation, which it had held for nearly a month.
In comparison to RIL's performance, TCS shares ended with a gain of 2.25 per cent after touching a record high of Rs 1,325 during the day at the BSE.
The performance of the IT major's scrip also outperformed the barometer index Sensex, which ended flat, up 0.02 per cent.
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TCS overtakes RIL as India's most valued co
On August 1, RIL had toppled state-run oil company ONGC to become the country's most valued firm.
ONGC with a market cap of Rs 240,922 crore (Rs 2,409.22 billion) was at the third place, followed by Coal India (Rs 2,26,631 crore), and ITC (Rs 2,06,714 crore).
In 2006, RIL had toppled ONGC to emerge as the country's most valued firm and has managed to stay on the top since then, except for a few brief periods in the last few months.
In last few month, there had been frequent changes in the top slot amid volatile market conditions.
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TCS overtakes RIL as India's most valued co
With the fall in RIL's share price on Thursday, the company also lost its position as the most influential stock on the Sensex to FMCG major ITC.
At close of trade, ITC Regained the top slot in terms of Sensex weight, which is measured by the value of a company's free-float or non-promoter shares that can be freely traded in the market.
ITC commanded a weight of 9.57 per cent, while RIL had 9.35 per cent weight.