Ahead of annual salary hikes, Ratan Tata's TCS loses Rs 53185 crore due to...

TCS news: Tata Group IT firm, TCS, has been in the news for its new policy and salary hikes announcement. It is India's largest IT firm which will introduce its annual salary increments in March 2025, with payments starting in April. However, before this, the company has received a bad news this week. TCS lost Rs 53,185.89 crore in market cap this week after its shares dropped by 2.82 per cent in 5 days (Feb 17-21). The current market cap of the company stands at Rs 13,69,717.48 crore. The share price of the company closed at Rs 3,789.90. The massive drop in market valuation of TCS comes amid a bearish trend in equities with TCS taking the biggest hit. Whereas, rival Infosys faced an erosion of Rs 17,086.61 crore to Rs 7,53,700.15 crore from its market valuation.

Moreover, the combined market valuation of eight of the top 10 most valued firms, including TCS, eroded Rs 1,65,784.9 crore. This week, the BSE benchmark declined 628.15 points, or 0.82 per cent, while the Nifty went lower 133.35 points, or 0.58 per cent. In contrast, the mcap of Mukesh Ambani's Reliance Industries jumped Rs 14,547.3 crore to Rs 16,61,369.42 crore. The company remained the most valued firm followed by TCS, HDFC Bank, Bharti Airtel and others. TCS has reportedly tied salary hikes and variable pay to compliance with its return-to-office (RTO) policy, introduced in early 2024.

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