TCS reclaims most valuable IT services crown after Accenture slide
Business
Tata Consultancy Services (TCS) has jumped ahead of Accenture, reclaiming its crown as the most valuable IT services firm for the first time since 2021.
As of Thursday's close, TCS is valued at $84.6 billion, about $7 billion more than Accenture, thanks to a big drop in Accenture's share price after weaker revenue forecasts.
IBM loses $16B, peers slide
Accenture's steep decline hit other major players too: IBM lost $16 billion in value, Infosys shares slid by 6%, Wipro shares slid by 7.3%, and European firms like Capgemini took an 11% dip.
The brokerage said these drops are linked to tighter client budgets and uncertain demand.
TCS market value down 30%
Even with this milestone, TCS's market value is still down 30% this year.