The pecking order of India’s top companies by market capitalisation has remained broadly stable at the top since September 30, 2024, even as there has been a steady reshuffle beneath the surface.
Reliance Industries has stayed unchallenged as the country’s most valuable company, despite wide swings in valuation. Just below, HDFC Bank moved ahead of Tata Consultancy Services to take the second position, signalling a broader rotation from technology towards financials.
Bharti Airtel has emerged as a clear gainer, climbing into the top tier and holding its ground through successive quarters, while Infosys has ceded ground in the rankings, reflecting the IT sector’s waning relative clout.
Agencies
ICICI Bank has remained broadly consistent, while State Bank of India has seen sharper swings even as it trends higher. Traditional defensives such as Hindustan Unilever and ITC have been largely stagnant in the market cap table.
