India has lost its presence in the world’s top 100 companies by market value for the first time. The sharp fall in equity markets has pushed Reliance Industries, HDFC Bank, and Tata Consultancy Services (TCS) out of the global elite list.
Reliance, India’s largest company, now ranks 106th worldwide, slipping from 57th in early 2025. HDFC Bank has dropped to 190th from 97th, while Bharti Airtel stands at 202nd. Technology majors have seen the steepest decline. TCS has fallen to 314th from 84th last year, Infosys has slid to 590th from 198th, and ITC has dropped to 702nd.
India’s overall representation in the global top 500 has shrunk to nine companies compared to 15 in 2025. Domestically, only Reliance ($198 billion), HDFC Bank ($124 billion), and Bharti Airtel ($113 billion) remain above the $100 billion mark.
The downturn began in mid-2024 and worsened with foreign investor selling, weak earnings, rupee depreciation, and crude oil prices crossing $100 per barrel. Global brokerages such as UBS, Morgan Stanley, JPMorgan, and Goldman Sachs have downgraded India, citing high valuations, inflation risks, and limited exposure to fast-growing artificial intelligence sectors.
Meanwhile, global markets continue to be dominated by American technology giants. Nvidia leads with $5.33 trillion, followed by Alphabet at $4.7 trillion and Apple at $4.3 trillion. India’s absence from the top 100 highlights the challenges facing its equity markets and the urgent need for stronger growth drivers.