BIG blow to Ratan Tata's TCS, ahead of annual salary hikes, company loses Rs 109211 crore due to...

TCS news: Tata Group IT major, TCS, has been in the news for quite some time now due to various reasons. Employees of the Tata Group company have been waiting for their annual salary hikes. However, India's largest IT firm, TCS, suffered a major loss in its market cap ahead of the salary hike announcement. The market valuation of Tata Consultancy Services (TCS) plunged Rs 1,09,211.97 crore to Rs 12,60,505.51 crore this week in just 4 days. The company took the biggest hit in line with the bearish trend in equities. Moreover, the combined market valuation of eight of the top-10 most valued firms, including TCS, eroded by Rs 3,09,244.57 crore in a holiday-shortened week.

With the sharp decline in its market valuation, TCS slipped to the third rank in the top-10 most valued firms chart from the previous second place. HDFC Bank overtook TCS to become the second most valuable firm. Mukesh Ambani's Reliance Industries remained the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Bajaj Finance, Hindustan Unilever and ITC.

READ | Meet man, who once earned Rs 45 crore salary package, was fired from Narayana Murthy’s Infosys, now serves as...

Last week, the BSE benchmark gauge Sensex tanked 2,112.96 points or 2.80 per cent, and the NSE Nifty tumbled 671.2 points or 2.94 per cent. In February alone, the Nifty dropped 1,383.7 points or 5.88 per cent. The Sensex lost 4,302.47 points or 5.55 per cent. TCS is likely to introduce its annual salary increments in this month, with payments starting in April 2025.

(With inputs from PTI)