After SBI, ICICI Bank overtakes TCS market cap as AI disruption fears rattle IT investors

ICICI Bank

12/02/2026 05:05

** Shares of India's ICICI Bank ICBK.NS rise 1.2% to surpass market capitalisation of Tata Consultancy Services TCS.NS

** IT major now sixth biggest Indian company by market cap after losing two spots in two days; shares down 3.7%

** TCS' market cap drops to 10.13 trillion rupees ($111.92 billion), while that of ICICI Bank rises to 10.18 trillion rupees ($112.47 billion)

** IT bellwether hit by broader sell-off in IT stocks due to fears of AI disruption and fading U.S. rate cut hopes

** Nifty IT index .NIFTYIT down 4.3%

** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS and State Bank of India SBI.NS are the India's top four firms, respectively, in terms of market cap

($1 = 90.5150 Indian rupees)

 (Reporting by Vivek Kumar M)

 ((VivekKumar.M@thomsonreuters.com;))