Thanks to Friday’s 8.8% fall in Infosys’ stock price, market capitalization of IT major Tata Consultancy Services (TCS) is now almost equal to the combined market value of the next three large IT services firms -Infosys, Wipro and HCL Technologies. Also, at Friday’s close, TCS’ current market cap of Rs 4.81 lakh crore is now almost double Infosys’ market value of Rs 2.46 lakh crore, BSE data showed. The corresponding number for Wipro is Rs 1.37 lakh crore and Rs 1.01 lakh crore for HCL Tech. The combined market value of the last three is Rs 4.84 lakh crore, just Rs 3,000 crore more than TCS’. On Friday , after Infosys cut its full-year revenue estimate, the stock fell as much as 10% in early trades but recovered some ground to close nearly 9% down at Rs 1,072. In comparison, TCS lost 3.1% to Rs 2,442, Wipro 2.8% to Rs 555 while HCL Tech lost 1.4% to Rs 717.At the beginning of 2016, TCS was at Rs 4.76 lakh crore, Infosys at Rs 2.53 lakh crore, Wipro at Rs 1.37 lakh crore and HCL Tech at Rs 1.19 lakh crore.
In Friday’s market, the sell-off in Infosys was the main reason for the 106-point fall in the sensex. TCS and Wipro too were among the top laggards.