Banking Giant Rises: ICICI Bank Pushes Past TCS in Market Cap Race
ICICI Bank Overtakes TCS to Become India’s 5th Most Valuable Company: ICICI Bank has now become the fifth-largest company in the country by market cap. It surpassed the Tata Group company TCS on Thursday, February 12th. A day earlier, State Bank of India (SBI) had also overtaken TCS to become the fourth-largest company.
Indeed, due to concerns related to Artificial Intelligence (AI), IT company shares are witnessing a sharp decline. TCS was not spared from this decline, and its market value has declined as a result.
ICICI Bank shares rose nearly 2 percent today, increasing its market capitalization to approximately ₹10.22 lakh crore. In contrast, TCS shares fell by nearly 5 percent during trading, reducing its market cap to approximately ₹10.04 lakh crore. The widespread selling in the IT sector has put pressure on several tech stocks, including TCS.
Reliance Industries Ltd. remains the country’s most valuable company by market cap. Its market capitalization is approximately ₹19.8 lakh crore, followed by HDFC Bank and Bharti Airtel.
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