TCS Market Capitalization Drops Below ₹10 Lakh Crore Milestone
Tata Consultancy Services (TCS) witnessed a significant downturn on Thursday, February 12, 2026, as its share price plummeted over 5% to hit a 52-week low of ₹2,752.75 during intra-day trading. This sharp decline resulted in the IT giant's market capitalization falling below the ₹10 lakh crore threshold for the first time since December 2020, settling at approximately ₹9.97 lakh crore at the time of reporting.
ICICI Bank Surpasses TCS in Market Value Rankings
Concurrently, private sector lender ICICI Bank overtook TCS to secure the position of India's fifth-largest company by market capitalization, with its value reaching ₹10.09 lakh crore. This shift occurred just one day after State Bank of India (SBI) also surpassed TCS, now holding the fourth spot. The reshuffling highlights the ongoing volatility in the market rankings among India's top corporations.
Broader Market Context and Global Influences
The decline in TCS shares is part of a broader AI-led tech selloff, influenced by weakness in Wall Street technology stocks. This trend was exacerbated by a stronger-than-expected US January jobs report, which showed job growth exceeding forecasts and the unemployment rate dropping to 4.3%. Despite indicating labor market resilience, the data failed to boost investor sentiment due to persistent concerns over artificial intelligence disrupting traditional IT services.
Key factors contributing to the market unease include:
- The Federal Reserve's potential to maintain higher interest rates for longer to monitor inflation.
- A stronger US dollar, which dampened hopes for near-term rate cuts.
- Anticipation of upcoming US inflation data for further policy clarity.
Impact on US Equities and Tech Sector
US equities closed lower on Wednesday, with notable declines in major indices:
- The Dow Jones Industrial Average slipped 66.74 points, or 0.13%, to 50,121.40.
- The S&P 500 edged down marginally to 6,941.47.
- The Nasdaq Composite declined 0.16% to 23,066.47.
Technology stocks faced particular pressure, with Microsoft shares falling 2.2% and Alphabet declining 2.4%, while the S&P 500 software index dropped 2.6%.
Current Top Indian Companies by Market Capitalization
Amid these developments, Reliance Industries remains India's most valuable company with a market capitalization of ₹19.7 lakh crore, followed by HDFC Bank and Bharti Airtel. The ongoing fluctuations underscore the dynamic nature of the stock market and the challenges faced by the IT sector in adapting to AI-driven changes.
