Tata Consultancy Services (TCS), India’s largest IT company, recently announced updated work and salary increment policies that will be presented in its annual salary increments in March 2025.
The IT giant has suffered a huge loss of Rs. 53,185.89 crore in the last trading week. Its market valuation plunged to Rs. 13.7 lakh crore. It was the largest loss faced by a single company. The company's share price was down by 2.82% from February 17 to 21. The stock price stood at Rs. 3,789.90.
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The substantial decline in TCS's market value coincides with a decline in equity sentiment, and TCS was most affected as it suffered the largest loss. In a similar vein, the market value of Infosys, another global IT and outsourcing firm, fell from Rs. 7,70,786.76 crore to Rs. 7,53,700.15 crore, representing a loss of Rs. 17,086.61 crore.
The combined market value of eight of the top ten corporations fell by Rs. 1,65,784.9 crore last week when other companies were taken into account. The Nifty dropped 133.35 points, or 0.58%, while the BSE index dropped 628.15 points, or 0.82%.
After the stock market trended downward, Tata Consultancy Services Ltd. had the most fall. Bharti Airtel, the top ICT service provider in India, also experienced a sharp decline, with its market capitalisation dropping by Rs. 44,407.77 crores to Rs. 9.3 million crore.