Tata Consultancy Services (TCS) slipped further in market capitalization rankings on Thursday, losing its position to ICICI Bank for the first time since June 2009, as the ongoing IT sector rout intensified.
A day after State Bank of India (SBI) overtook TCS, ICICI Bank climbed to the fifth spot among India’s most valued listed firms. As of noon trade, ICICI Bank’s market cap stood at ₹10.18 trillion, surpassing TCS at ₹10.02 trillion on the BSE.
ICICI Bank shares rose up to 1.5 per cent to ₹1,428, while TCS dropped nearly 5 per cent to ₹2,766 — its lowest level since December 2020. The broader Nifty50 index declined over 0.5 per cent, while the Nifty IT index slumped nearly 5 per cent, taking its year-to-date fall to 11.7 per cent.
The selloff in IT stocks follows growing concerns over artificial intelligence-led disruption after AI firm Anthropic launched a productivity tool, triggering fears of margin pressure across software services companies. Wipro, Coforge, LTIMindtree and TCS have all posted double-digit declines this year.
TCS also reported a 13.9 per cent year-on-year drop in Q3FY26 net profit at ₹10,657 crore, impacted by restructuring costs and legal provisions.
Brokerages, however, believe AI partnerships could drive short-cycle deal momentum by mid-2026, supporting long-term growth prospects for IT services firms.
TCS Slips Below ICICI Bank in Market Cap Rankings Amid IT Selloffs
