Jio Platforms’ blockbuster stock market debut has reshuffled India’s corporate rankings, pushing Tata Consultancy Services (TCS) out of the country’s five most valuable companies for the first time in decades. While Jio Platforms surged 21.36% above its IPO price on October 28, TCS shares tumbled nearly 3.5% amid a broader sell-off in information technology stocks and concerns over global economic uncertainty.
Jio Platforms’ market capitalisation soared to around ₹12.5 lakh crore, making it India’s second-most valuable company. Meanwhile, TCS slipped to sixth place, with its market capitalisation falling to ₹8.76 lakh crore as its shares declined to ₹2,411.70.
Reliance Industries remained the most valuable firm with ₹16.20 lakh crore market cap. Bharti Airtel, HDFC Bank, and ICICI Bank were shifted to 3rd,4th and 5th spots with market capitalisation of ₹12.07 lakh crore, ₹10.44 lakh crore, and ₹9.83 lakh crore, respectively.
The listing also strengthened the Reliance Group’s position in India’s corporate hierarchy. Its combined market capitalisation crossed ₹28 lakh crore, overtaking the Tata Group’s approximately ₹26 lakh crore to become the country’s most valuable business house.
For the first time in decades, neither the Tata Group nor the Adani Group had a company among India’s five most valuable listed companies. The rankings were instead dominated by the Reliance Group, telecom companies and private-sector banking heavyweights.