TCS commanded a market value of Rs. 2,48,116 crore, higher than Reliance Industries'Rs. 2,43,413 crore on Wednesday
Mukesh Ambani's Reliance Industries has been replaced by Tata group firm Tata Consultancy Services (TCS) as India's most valued company in terms of market capitalization, as investors rallied behind the shares of the IT giant.
At the end of yesterday's trade, TCS commanded a market value of Rs. 2,48,116 crore, higher than Reliance Industries' Rs.2,43,413 crore, said an NDTV report.
While RIL shares plunged 0.25 per cent in an overall lacklustre market, TCS shares were up 1.83 per cent on robust buying interest among the investors.
RIL had been India's most valued firm for several years, till it lost the pole position briefly in August 2011 to Coal India (CIL). It regained the top slot later but was briefly overtaken by another state-run firm ONGC soon thereafter.
On August 17, 2011, CIL had dethroned RIL to become the country's most valued company, marking an end to the corporate giant's over four-year rein at the top of the market valuation charts.
Later, India's IT giant TCS replaced RIL to become the largest company by market value on the final day of trading in 2011. However, RIL soon regained its top position, but was overtaken by TCS again on Wednesday.
TCS was followed by RIL, ONGC, CIL and ITC among the five most valued companies at the end of Wednesday's trade.
Source: MAY 3, 2012