IT sell-off: After SBI, ICICI Bank overtakes TCS as its m-cap falls below Rs 10 lakh cr for first time since Dec 2020

ICICI Bank overtakes TCS

• ICICI Bank overtakes TCS as India's fifth largest company by market cap
• TCS market cap drops below Rs 10 lakh crore for first time since December 2020
• Reliance Industries remains India's most valuable company at Rs 19.61 lakh crore

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ICICI Bank overtook TCS to become the fifth largest Indian company in terms of market capitalisation on February 12. This came a day after SBI beat the IT major to take up the fourth position, as shares of the latter tumbled amid the broader AI-led tech selloff.

The shares of ICICI Bank gained nearly 2 percent on February 12, pushing its market capitalization higher up to nearly Rs 10.2 lakh crore. TCS shares meanwhile fell around 5.5 percent, with market capitalization falling down to Rs 9.95 lakh crore.

This marks the first time the m-cap of the IT behemoth dropped below the Rs 10 lakh crore mark since December 2020.

Here’s a list of the top 7 Indian companies in terms of market capitalisation:

Reliance Industries (RIL) continues to remain India's most valuable company, with a market capitalisation of Rs 19.61 lakh crore, followed by HDFC Bank and Bharti Airtel.

Tata Consultancy Services (TCS) is among the top IT losers today, which tumbled accompanying Wall Street peers after better-than-expected January jobs report failed to boost investor sentiment amid concerns around AI-led disruptions.

US job growth unexpectedly increased in January and the unemployment rate fell to 4.3 percent. These signs of labor market stability could give the Federal Reserve room to keep interest rates unchanged for some time while policymakers monitor inflation.

However, the sharp increase in payrolls was seen in the health sector. According to economists quoted by Reuters, job openings and other indicators pointed to a tepid labor market, adding that job growth remained concentrated in the healthcare and social services industries, which accounted for nearly all the rise in employment.

"The only jobs being filled in January are in health care and social assistance, along with some nonresidential specialty trade contractors probably related to AI facilities, all of which do not guarantee the economy's future success," the report quoted Christopher Rupkey, chief economist at FWDBONDS, as saying. "If you are looking for a job ... you are unlikely to find anything to apply for in today's report,” he added.

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