Reliance Industries continues to be the most valuable company in India, according to the 2023 Hurun Global 500 released on Wednesday.
Reliance Industries (Photo: IANS)
Reliance Industries continues to be the most valuable company in India, according to the 2023 Hurun Global 500 released on Wednesday.
Globally, no Indian company featured in the top 40 ranks. Reliance Industries stood on the 44th spot with a total valuation of $198 billion.
The report highlighted that Reliance, which was the most valuable Indian company last year too, fell ten spots in the rankings as its net worth decreased by 2 per cent in the year.
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Reliance Industries was followed by Tata Consultancy Services (60) and HDFC Bank (68). The net worth of TCS rose by 14 per cent to $158 billion during the year. Its rank improved by five spots in 2023.
“Following its merger with sister company mortgage provider HDFC, India-based HDFC Bank advanced 43 positions to 68th place,” it said.
Titan Company and Sun Pharmaceutical Industries, entered the top 500 rankings in the list.
Titan entered the list on the back of an expansion with 90 new stores while the Sun Pharma due to key acquisitions in Israel.
Notably, 48 companies dropped off the list due to a fall in their valuations, including Binance and Activision Blizzard. For India, it included three Adani group companies: Adani Transmission, Adani Green Energy and Adani Total Gas.
Overall, India slipped one rank to the sixth spot with 18 companies on the list.
On a global level, the list highlighted that it is the first time five companies have crossed the valuation of $1 trillion. These were Apple, Microsoft, Alphabet, Amazon and Nvidia. All the companies in the top four spots were the same.
Hurun Global 500 is a list of the 500 most valuable non-state-controlled companies in the world.
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