Information technology bellwether Infosys on Friday lost its status as the country's most influential stock, slipping to third place behind Reliance Industries Ltd (RIL) and ITC Ltd; the diversified group whose core business remains cigarettes.
The finding is based on its weightage on the Bombay Stock Exchange's Sensex.
Both RIL and ITC ended Friday's trading session with around 1 per cent gains. At the end of today's trade, RIL regained the top slot in terms of Sensex weightage, which is measured by the value of a company's free-float or non-promoter shares that can be freely traded in the market, reports PTI.
At present, RIL has a weightage of 9.44 per cent, followed by ITC which has a weight of 9.02 per cent. Infosys has slipped to third place with 8.18 per cent.
Infosys and RIL have been swapping top weightage on the Sensex. While RIL has generally been in front, it had slipped over the last month, as RIL's gas finds flounder.
At the NSE's Nifty index too, RIL surpassed Infosys, with the Mukesh Ambani-led company having 7.9 per cent weight while the Infosys had 7.22 per cent weightage.
Relatively poor fourth-quarter results and a disappointing prognosis for the current fiscal year announced earlier this week saw Infosys stock plummeting by as much as 13 per cent to a low of Rs2,390.10. The fall wiped off about Rs19,912 crore from the company's market value.
(See: Infosys disappoints despite 24.7 % rise in Q4 net)