A sharp selloff in Indian IT stocks has brought the combined market capitalization of the top five software firms to a level nearly equal to that of Reliance Industries (RIL). The total market value of Tata Consultancy Services, Infosys, HCL Technologies, Tech Mahindra, and Wipro stood at just over ₹18.12 lakh crore, compared to RIL's market cap of approximately ₹18 lakh crore.
This convergence is attributed to multiple headwinds facing the IT sector, including fears of disruption from artificial intelligence, reduced technology spending, and macroeconomic uncertainty. While India's largest IT firms have seen their valuations decline significantly in 2026, RIL's shares have also faced a 17% correction this year due to volatility in the energy markets. The development underscores a significant shift, as just a couple of years ago, TCS alone was competing with RIL for the position of India's most valuable company.