Largest IT services company Tata Consultancy Services (TCS) jumped to the second spot in the list of most valued firms by market valuation, overtaking HDFC Bank.
At the close of trade on Monday, TCS commanded a market capitalisation (mcap) of Rs 12,51,798.07 crore which was Rs 6,049.69 crore more than HDFC Bank’s Rs 12,45,748.38 crore valuation on the BSE.
Shares of TCS jumped 1.96 per cent to settle at Rs 3,421.10 apiece on the BSE. During the day, it climbed 2.10 per cent to Rs 3,426.
However, HDFC Bank ended flat at Rs 1,651.10 per share, marginally up by 0.38 per cent.
On July 20, HDFC Bank became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services.
HDFC, the parent of HDFC Bank, merged into the lender on July 1.
The USD 40 billion merger, the largest such deal in the Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.
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