India Drops Out Of Global Top 100 Companies List Amid Market Selloff

India no longer has a single company among the world’s 100 largest listed firms by market capitalisation after a sharp decline in domestic equity valuations over the past year.

At the beginning of 2025, Reliance Industries, HDFC Bank, and Tata Consultancy Services were part of the global top 100 companies by market value. Recent market weakness has pushed all three firms below that level.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Reliance Industries, India’s most valuable listed company, has dropped to around the 106th position globally from 57th at the start of 2025 and 73rd at the beginning of 2026.

HDFC Bank, the country’s largest private lender by market capitalisation, slipped to 190th globally after ranking 97th at the start of 2025. Moreover, MoneyControl reported Bharti Airtel also moved lower in the rankings, falling to 202nd from 164th earlier this year.

IT Stocks See Sharp Decline

The steepest decline among major Indian companies has been recorded in the information technology sector. MoneyControl also reported, TCS, India’s largest software exporter, has fallen to 314th place globally from 84th at the beginning of 2025 and 171st at the start of 2026.

Infosys dropped to 590th from 198th at the beginning of 2025 and 330th at the start of 2026. ITC also moved down to 702nd globally compared with 296th at the start of 2025.

ICICI Bank and State Bank of India slipped to 274th and 276th positions, respectively after previously holding higher rankings earlier this year.

Fewer Indian Firms In Global Top 500

The number of Indian companies in the global top 500 by market capitalisation has declined to nine from 13 at the beginning of 2026 and 15 at the start of 2025.

India’s group of companies with market values above $100 billion has also reduced significantly. Only Reliance Industries, HDFC Bank, and Bharti Airtel currently remain above the $100 billion mark.

Reliance Industries currently has a market capitalisation of around $198 billion, while HDFC Bank stands at $124 billion and Bharti Airtel at approximately $113 billion.

TCS, ICICI Bank and State Bank of India have crossed below the $100 billion level after their recent price correction.

Foreign Sales and High Crude Oil Prices Hinder Market Performance

The Indian equity market is continuing to face downward pressure since mid-2024 on the back of foreign investors' selling, high valuation and sluggish earning growth.

The negative sentiments further intensified due to the rise in crude oil prices above the $100 per barrel level on account of the U.S.-Iran-Israel clash.

The rupee has also weakened sharply against the U.S. dollar during the period, adding to pressure on foreign investor returns.

Several global brokerages, including UBS, Morgan Stanley, Nomura, JPMorgan, HSBC, Goldman Sachs, and Citi, lowered their outlook on Indian markets over recent months, citing valuation concerns, higher oil prices, and slowing earnings momentum.

Globally, technology companies continue to dominate market capitalisation rankings. Nvidia currently remains the world’s most valuable company with a market capitalisation of $5.33 trillion, followed by Alphabet, Apple, Microsoft, and Amazon.