Tata Consultancy Services (TCS) today surpassed Reliance Industries (RIL) to become the country's most valued company as the IT major's market capitalisation soared to over Rs 2.83 lakh crore on the back of a spurt in its share price.
At the end of trade, TCS commanded a market value of Rs 2,83,209 crore, the highest for any listed company in the country. This is about Rs 6,523 crore more than RIL's market value of Rs 2,76,686 crore.
A gain of 1.15 per cent at Rs 1,447 in TCS's share price pushed the company to the top slot.
In comparison, RIL shares fell by 2.63 per cent to Rs 855.15 on the Bombay Stock Exchange (BSE).
Market capitalisation of a listed company corresponds to the cumulative market price of all its shares.
This figure changes daily with the change in the stock price.
ONGC with a market value of Rs 2,75,187 crore was at third spot, while ITC (Rs 2,36,855 crore) was at fourth position and Coal India (Rs 2,21,704 crore) at fifth place.