No Indian Company In World's Top 100 By Market Cap For First Time In Years

Something important has shifted to global market rankings. India, which had three companies sitting inside the world's top 100 by market capitalisation just eighteen months ago, now has none. The selloff in domestic equities has been deep enough and long enough to push every Indian firm out of that bracket entirely.

At the start of 2025, Reliance Industries, HDFC Bank and Tata Consultancy Services were part of that group.

Where India's Biggest Companies Stand Now

• Reliance Industries: 106th globally, down from 57th at the start of 2025 and 73rd at the start of 2026.

• HDFC Bank: 190th, down from 97th at the start of 2025.

• Bharti Airtel: 202nd, down from 164th at the start of 2026.

• ICICI Bank: 274th, down from 215th at the start of 2026.

• State Bank of India: 276th, down from 231st at the start of 2026.

• Tata Consultancy Services: 314th, down from 84th at the start of 2025 and 171st at the start of 2026.

• Infosys: 590th, down from 198th at the start of 2025 and 330th at the start of 2026.

• ITC: 702nd, down from 296th at the start of 2025 and 466th at the start of 2026.

The steepest fall belongs to the technology sector. Tata Consultancy Services has dropped over 230 places since the start of 2025. Infosys has fallen nearly 400 places over the same period.

How Much Has Been Lost

India had 15 companies in the global top 500 at the start of 2025. That fell to 13 at the start of 2026 and now sits at nine. The number of Indian companies with a market cap above $100 billion has gone from roughly six at the beginning of this year to three today.

Only Reliance Industries at around $198 billion, HDFC Bank at $124 billion and Bharti Airtel at $113 billion are still above that mark.

What Set This Off

The slide started building in mid-2024. Foreign investors began selling systematically into a market that had run hard and was priced for near-perfection. Valuations were stretched, earnings were coming in soft and the rupee was weakening. None of that was fatal on its own. Then the West Asian conflict arrived and crude oil crossed $100 a barrel.

India imports nearly 90% of its crude requirements. Higher oil prices mean wider current account deficits, faster inflation and squeezed corporate margins. Additionally, US bond yields have added another layer of pressure.

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Where Global Value Has Gone

Global markets remain largely driven by big technology companies, even as India shows some pullback.

Nvidia sits at the top as the world’s most valuable company, with a market cap of about $5.33 trillion.

Alphabet follows at roughly $4.7 trillion, while Apple stands near $4.3 trillion. Microsoft and Amazon complete the top five in global market value.

Source:

Moneycontrol