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The listing of Jio Platforms has reshaped the rankings of India's most valuable companies, bringing the telecom and digital services giant into the country's market capitalisation leaderboard. With a market capitalisation of ₹12.49 lakh crore, Jio Platforms has emerged as one of India's biggest listed companies, intensifying competition among the country's leading telecom players.
The listing has also brought Reliance Industries, Jio Platforms and Bharti Airtel into close competition at the top of the rankings, while private sector lenders HDFC Bank and ICICI Bank continue to hold their positions among India's five most valuable companies. However, TCS has been removed from the top 5 list after Jio's entry with a market cap of ₹8.76 lakh crore currently.
Despite the listing of its telecom and digital services business, Mukesh Ambani-led Reliance Industries continues to be India's most valuable listed company.
The company's diversified operations span oil-to-chemicals (O2C), retail and telecommunications, alongside its growing presence in the green energy sector. These businesses continue to form the foundation of Reliance Industries' position among India's largest companies.
Reliance Industries shares fell 1.6% to the day's low of ₹1,180 per share on the BSE.
The company recently announced that it would declare its second-quarter results on Friday, October 30.
Jio Platforms made a strong debut on the stock market, entering the ranks of India's most valuable companies following its much-anticipated listing.
The stock listed at ₹1,358, a premium of 21.35% over its issue price of ₹1,119. It subsequently climbed another 1.2% from its listing price to hit an intraday high of ₹1,375.
The strong debut came even as the broader market remained under pressure, with benchmark indices falling around 1% ahead of the US Federal Reserve's policy meeting later in the day.
The listing has also given investors a more direct way to assess the value of Jio's telecom and digital businesses independently of Reliance Industries.
Bharti Airtel remains one of India's most valuable companies, with a market capitalisation of ₹12.07 lakh crore, placing it close to Jio Platforms in the rankings.
The telecom operator has benefited from tariff increases, strong average revenue per user (ARPU) and a focus on attracting customers to higher-value mobile plans. Its broadband business has also contributed to its presence in India's growing digital connectivity market.
Bharti Airtel shares fell 2.6% to ₹1,978 during the trading session.
The company's position among India's most valuable businesses highlights the scale of the domestic telecom industry and the competition between Airtel and Jio. Both operators are seeking to strengthen their customer bases, improve revenue per user and expand their digital service offerings.
HDFC Bank remains India's most valuable private sector lender, with a market capitalisation of ₹10.44 lakh crore.
The bank has a significant presence across retail and corporate banking, supported by its extensive branch network, customer base and balance sheet. Its merger with HDFC Ltd expanded its overall lending franchise, although the integration has also brought challenges relating to deposit mobilisation and the credit-to-deposit ratio.
HDFC Bank shares declined 1.6% to ₹668.90.
Despite near-term challenges, the lender continues to occupy a prominent position in India's banking sector. Its scale and established presence across multiple lending and deposit segments underpin its standing among the country's largest listed companies.
ICICI Bank rounds out the list of India's five most valuable companies, with a market capitalisation of ₹9.83 lakh crore.
The private sector lender has focused on improving asset quality, strengthening profitability and expanding its digital banking services. Its performance across key banking metrics has helped it maintain a strong position in the sector.
ICICI Bank shares fell 1.9% to ₹1,361.25 during the session.
Its presence in the top five underscores the importance of India's private sector banks in the country's equity market. Alongside HDFC Bank, ICICI Bank represents the financial sector's continued prominence among India's largest listed companies.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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