ICICI Bank moved ahead of Tata Consultancy Services (TCS) on February 12 to become the fifth largest Indian company in terms of market capitalisation, as banking stocks gained and IT shares remained under pressure.
Shares of ICICI Bank rose nearly 2 percent during the session, taking its market capitalisation to around Rs 10.22 lakh crore. In contrast, TCS shares declined about 5 percent, dragging its market cap down to roughly Rs 10.04 lakh crore.
The reshuffle comes just a day after State Bank of India (SBI) overtook TCS to claim the fourth position.
Top 7 Indian companies by market capitalisation (as of 11 am, February 12 – NSE data)
| Rank | Company | Market Cap |
|---|---|---|
| 1 | Reliance Industries | Rs 19.8 lakh crore |
| 2 | HDFC Bank | Rs 14.2 lakh crore |
| 3 | Bharti Airtel | Rs 11.75 lakh crore |
| 4 | State Bank of India | Rs 11.08 lakh crore |
| 5 | ICICI Bank | Rs 10.18 lakh crore |
| 6 | Tata Consultancy Services | Rs 10.1 lakh crore |
| 7 | Bajaj Finance | Rs 6.14 lakh crore |
Reliance Industries continues to remain India’s most valuable company with a market capitalisation of Rs 19.8 lakh crore, followed by HDFC Bank and Bharti Airtel.
Why TCS shares are under pressure
TCS is among the top IT losers amid a broader AI-led technology selloff. The stock mirrored weakness in global tech peers after stronger-than-expected US January jobs data failed to boost sentiment.
US job growth rose unexpectedly in January and the unemployment rate fell to 4.3 percent. While this reflects labour market resilience, it also gives the Federal Reserve room to keep interest rates higher for longer. Investors are closely tracking how AI-related investments and disruptions could reshape the technology landscape.
The shift in market capitalisation rankings highlights the current divergence between financial stocks and IT majors in the ongoing market cycle.
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