Bharti Airtel surpasses TCS to become India’s third most valuable listed company

Bharti Airtel has overtaken Tata Consultancy Services (TCS) to become India’s third-largest company by market capitalisation. The telecom giant’s shares rose by another 1% in Monday’s (21 July) trading, lifting its market value to ₹11.45 lakh crore — ₹2,220 crore more than TCS. Reliance Industries remains the country’s most valuable firm with a market capitalisation of ₹19.3 lakh crore, followed by HDFC Bank at ₹15.3 lakh crore. Including partly paid-up shares, Bharti Airtel’s market capitalisation has surged by nearly ₹2 lakh crore so far in 2025, reaching ₹11.5 lakh crore — the largest gain among Nifty50 companies after Reliance Industries, which has added about ₹3 lakh crore since January. By contrast, TCS has suffered the sharpest erosion in market value, losing ₹3.4 lakh crore amid concerns over a weak US macroeconomic outlook and AI-related disruptions. Analysts expect large IT firms to face revenue pressures in the coming quarters, with mid-sized players likely to outperform.