India's largest software company TCS today briefly toppled ONGC as the country's third most valued company with its market capitalisation soaring to over Rs 2.31 lakh crore, driven by a spurt in share price.
For a while, TCS was the third most valued company after
Coal India and
Reliance Industries.
The oil major fell to number four position for the first time ever. Its market cap is down nearly Rs 40,000 crore since April-end. Meanwhile, TCS market cap is up Rs 4,000 crore since April-end.
At the close of market hours, however, TCS share prices lost its initial gains, bringing down its market cap to Rs 2.30 lakh crore, a tad below ONGC's which retained the No. 3 position.
The government is shooting ONGC in the foot, says CNBC-TV18's Udayan Mukherjee. "I feel bad for ONGC because it is a good franchise," he says.
Things are going well for crude globally, so in this framework for ONGC to lose Rs 40,000 crore of market cap with crude at USD 115 a barrel, he says, seems very sad. "That
