ONGC pips TCS to become India's most valued company

State-owned ONGC today emerged as India's most-valued company with market capitalisation in excess of Rs2,42,000 crore, overtaking Tata Group's software services company TCS.

During the morning trade, the oil explorer commanded a market value of over Rs2,42,890 crore, the highest for any listed company in India, surpassing TCS by Rs1,105 crore. The IT major has a market capitalisation of Rs2,41,785 crore.

The company's stock was trading 0.49 per cent lower at 1050 hrs on the BSE while TCS  was down 1.14 per cent.

On 3 July, ONGC had displaced TCS to emerge as the country's most-valued company. Its rein at the top, however,  was short-lived, as TCS regained the slot the very next day.

Reliance Industries with a market capitalisation of Rs2,34,785 crore came in at the third spot, followed by Coal India (Rs2,24,167 crore) and ITC (Rs1,98,822 crore).

TCS, had ruled the capitalisation chart for the past two months and on 2 May, the software giant had replaced RIL as the country's most valued company.

Market capitalisation, or value of a listed company is the product of multiplication of the total number of its shares with its stock price on a particular day or time. This varies daily in accordance with changes in the stock price.

The company, with a market capitalisation of Rs2,42,890 crore has become the country's most-valued company, leaving behind software major TCS.