TCS briefly becomes world's largest IT company; continues to hold top spot in India

IT giant Tata Consultancy Services (TCS) became the world's most valuable IT company with the market valuation on the Bombay Stock Exchange soaring beyond $179 billion on Monday albeit for a short period.

TCS surpassed the American-Irish IT company Accenture with a market valuation of $168 billion on the New York Stock Exchange (NYSE).

However, by afternoon trade, the stock dipped from an all time high of Rs 3,339 to Rs 3,314 bringing the valuation of the company down to $167 billion.

The company became the world's largest IT company for a short time, but it held the position in India.

The market cap value of Infosys was at $78 billion, HCL Technologies at $36 billion, Wipro at $33 billion and Tech Mahindra at $13 billion.

Earlier this month, the market valuation of TCS crossed Rs 12 lakh crore-mark at close of trade, helped by a rally in its share price.

TCS on Monday surpassed Reliance Industries Ltd to become the country's most valued firm by market capitalisation.

During the afternoon trade, the market valuation of Tata Consultancy Services (TCS) was at Rs 12,45,341.44 crore while that of Reliance Industries Ltd (RIL) was at Rs 12,42,593.78 crore on the BSE.

Shares of RIL declined 4.84 per cent to Rs 1,950.30 on the BSE after its earnings failed to cheer investors.

In contrast, TCS gained 1.26 per cent to touch its one-year high of Rs 3,345.25.

Tata Consultancy Services had in March last year also reclaimed the status of the country's most valued firm by market valuation.

Market capitalisation of companies changes daily with movement in their stock prices.

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