SBI pips TCS to become fourth most valued firm amid sharp IT stock slide

SBI's market capitalisation rose to ₹10.92 trillion after its shares hit a record high, overtaking TCS, whose stock has fallen sharply from its lifetime peak

Public sector lender State Bank of India (SBI) on Wednesday became the country’s fourth-most valued company by market capitalisation, overtaking erstwhile market leader Tata Consultancy Services (TCS). Shares of SBI rose 3.4 per cent to settle at a fresh record high of ₹1,183, taking its market capitalisation to ₹10.92 trillion. In contrast, TCS shares have fallen 36 per cent from their lifetime high of ₹4,552 hit on August 30, 2024. The stock closed 2.5 per cent lower at ₹2,909 on Wednesday, valuing the software exporter at ₹10.5 trillion. Reliance Industries (₹19.87 trillion), HDFC Bank (₹14.26 trillion) and Bharti Airtel (₹11.5 trillion) currently remain the three most valued domestically listed companies. 

BHEL OFS oversubscribed; bids top shares on offer

 

 

Bharat Heavy Electricals’ offer for sale (OFS) on Wednesday was oversubscribed, with bids exceeding the shares on offer. Exchange data showed demand for 220.8 million shares against 174 million shares on offer. The floor price for the issue was fixed at ₹254 per share, with most bids coming in at ₹256. Shares of BHEL fell 5.6 per cent in secondary market trading to close at ₹260.7. As of the end of the December 2025 quarter, the government held a 63.17 per cent stake in the company. Through the OFS, the Government of India is selling a 5 per cent stake in the state-owned capital goods major. The stake sale is expected to fetch the exchequer over ₹4,400 crore. Citibank, ICICI Securities and Nuvama are acting as the investment banks for the transaction.