Amid TCS announcing the rollout of salary hikes for its employees for FY26 the IT giant suffered a major setback at the market this week losing a staggering Rs 1.09 lakh in market capitalisation (mcap) which now stands at Rs 12.61 lakh crore. Tata Consultancy Services (TCS) was the second-most valued company in India before the trade week began but has now slipped to third spot behind HDFC Bank which emerged among the top gainers at the market. 8 of 10 most-valued firms witness mcap rout TCS rout came amid a declining trend at the stock market with eight of the countrys 10 most-valued losing a combined Rs Rs 3.09 lakh crore in market valuation with Ratan Tatas IT firm emerging as the biggest laggard. Narayana Murthy-led Infosys suffered a Rs 52698 crore wipeout in mcap while Sunil Mittals Bharti Airtel and Mukesh Ambani-owned Reliance Industries-- Indias most valued company-- witnessed a decline of Rs 39230 crore and Rs 38026 crore in market valuation respectively. Meanwhile HDFC Bank emerged as the biggest gainer during the trade week its market cap surging by Rs 30258 crore to Rs 13.24 lakh crore. Bajaj Finance was also among the gainers gaining Rs 9050 crore in market valuation to Rs 5.30 lakh crore. Bloodbath at D Street The bloodbath at Dalal Street resulted in investors losing a whopping Rs lakh crore during the trade week in tandem with a sharp decline in the domestic equity market where the benchmark Sensex plunged 1414 points following a bearish trend in global equities. Fresh tariff threats that ignited global trade war fears and relentless foreign fund outflows dented investor sentiment analysts said. The 30-share BSE benchmark gauge tumbled 1414.33 points or 1.90 per cent to settle at 73198.10. During the day it cracked 1471.16 points or 1.97 per cent to 73141.27. Following the sharp decline in equities the market capitalisation of BSE-listed firms eroded by Rs 908798.67 crore to Rs 38401411.86 crore (USD 4.39 trillion). Falling for the eighth straight day the NSE Nifty slumped 420.35 points or 1.86 per cent to 22124.70. From its record peak of 85978.25 hit on September 27 last year the BSE benchmark index is down 12780.15 points or 14.86 per cent. The Nifty dropped 4152.65 points or 15.80 per cent from its lifetime high of 26277.35 hit on September 27 2024. The market capitalisation of BSE-listed firms eroded by a whopping Rs 93.91 lakh crore from last year Septembers record high of Rs 47793022.68 crore. TCS to announce salary hikes The news comes amid TCS Indias largest IT services firm is set to announce annual salary hikes for its employees for the financial year 2025-26. However the expected increment is likely to be lowest in the last four years. According to an Economic Times report TCS salary hikes which are set to be rolled out this month will see average increments ranging between 4-8 percent.