IT selloff impact: TCS slips below ICICI Bank, SBI in m-cap race; stock down 5% today
ICICI Bank climbed the ladder to claim the fifth spot, with a market capitalisation of over Rs 10.18 lakh crore. This shift comes after the State Bank of India (SBI) overtook the IT behemoth. SBI’s market valuation stood robust at Rs 11.07 lakh crore.
- Feb 12, 2026,
- Updated Feb 12, 2026 1:03 PM IST
Shares of Indian IT majors were under pressure on Thursday as a sharp selloff gripped the sector, rearranging the leaderboard of India's most valuable companies. Tata Consultancy Services (TCS) stock slipped over 4% in early trade amid concerns advancements in artificial intelligence could disrupt IT service models.
By 1:01 pm, TCS shares tumbled 5.03% to Rs 2762.95 on the BSE, a drop from the previous close of Rs 2909.40. This dragging its market capitalisation below Rs 10 lakh crore for the first time since December 2020, down to Rs 9.99 lakh crore. Notably, TCS slipped to the sixth position on the list of India’s most valuable listed firms.
ICICI Bank climbed the ladder to claim the fifth spot, with a market capitalisation of over Rs 10.20 lakh crore. This shift comes after the State Bank of India (SBI) overtook the IT behemoth. SBI’s market valuation stood robust at Rs 11.03 lakh crore.
The market will begin to discount these positive developments, especially now that the US-India trade agreement is no longer a constraint for the market, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
“Financials have the potential to outperform in the rally while IT might continue to disappoint weighed down by the Anthropic shock. The outperformance of the broader market, particularly the recovery of the smallcaps will add to the enthusiasm of the retail investors enabling the market to remain resilient,” Vijayakumar said.
The downtrend rippled across the broader tech sector, pulling down other major players as well. Infosys shares dropped 4.84% to Rs 1401.10, while Wipro shares declined 4.77% to Rs 218.80. According to data from Trendlyne, TCS is currently trading well below its key 50-day simple moving average (SMA) and the 200-day SMA. The Day RSI stands at 32.9 and the Day MFI at 34.8, placing both in the mid-range.
Shares of Indian IT majors were under pressure on Thursday as a sharp selloff gripped the sector, rearranging the leaderboard of India's most valuable companies. Tata Consultancy Services (TCS) stock slipped over 4% in early trade amid concerns advancements in artificial intelligence could disrupt IT service models.
By 1:01 pm, TCS shares tumbled 5.03% to Rs 2762.95 on the BSE, a drop from the previous close of Rs 2909.40. This dragging its market capitalisation below Rs 10 lakh crore for the first time since December 2020, down to Rs 9.99 lakh crore. Notably, TCS slipped to the sixth position on the list of India’s most valuable listed firms.
ICICI Bank climbed the ladder to claim the fifth spot, with a market capitalisation of over Rs 10.20 lakh crore. This shift comes after the State Bank of India (SBI) overtook the IT behemoth. SBI’s market valuation stood robust at Rs 11.03 lakh crore.
The market will begin to discount these positive developments, especially now that the US-India trade agreement is no longer a constraint for the market, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
“Financials have the potential to outperform in the rally while IT might continue to disappoint weighed down by the Anthropic shock. The outperformance of the broader market, particularly the recovery of the smallcaps will add to the enthusiasm of the retail investors enabling the market to remain resilient,” Vijayakumar said.
The downtrend rippled across the broader tech sector, pulling down other major players as well. Infosys shares dropped 4.84% to Rs 1401.10, while Wipro shares declined 4.77% to Rs 218.80. According to data from Trendlyne, TCS is currently trading well below its key 50-day simple moving average (SMA) and the 200-day SMA. The Day RSI stands at 32.9 and the Day MFI at 34.8, placing both in the mid-range.