IT giants Tata Consultancy Services (TCS), Infosys and Wipro have collectively lost more than ₹8.4 trillion in valuation over the past five years, according to the latest Burgundy Private Hurun India 500 report.
The three IT bellwethers topped the list of companies registering the steepest absolute decline in value between 2021 and 2025, marking a sharp reversal for a sector that had long been the face of Corporate India.
TCS, India’s largest software exporter, witnessed the biggest erosion in value, with its valuation falling by ₹4.14 trillion over five years to ₹8.95 trillion. Infosys followed with a decline of ₹2.72 trillion, while Wipro lost ₹1.57 trillion. Together, the three companies saw their valuations shrink by nearly one-third to almost half over the period.
The decline has also altered the corporate pecking order.
Five years ago, TCS ranked second among India’s most valuable companies, while Infosys occupied the fourth spot. Today, TCS has slipped to fifth place and Infosys to ninth. Wipro’s ranking has fallen even more sharply, dropping 19 places over the period.
Top 15 Companies that Registered a 5-Year Value Decline
Source: Hurun Research Institute, 2025 Burgundy Private Hurun India 500, 2021 Burgundy Private Hurun India 500
Point to note: Some of the country’s biggest wealth creators of the previous decade — Paytm, Nykaa and Asian Paints — have collectively lost more than ₹13 lakh crore in valuation over the past five years.
New-age stars lose their shine
The report also highlights how India’s post-pandemic startup and digital-consumer boom has undergone a sharp reality check.
Paytm ranked as the fifth-biggest value loser over five years, with its valuation declining by nearly ₹80,000 crore, or 53 per cent. Nykaa, once one of the stock market’s most celebrated listings, lost ₹28,550 crore in value and slipped 46 places in the rankings.
Ola Electric Mobility, another high-profile new-age company, witnessed one of the steepest ranking declines, falling 228 places while losing 57 per cent of its value.
Adani stocks still below peak valuations
The list also includes two Adani Group companies among the biggest value decliners.
Adani Total Gas lost ₹92,423 crore in value, making it the fourth-largest value loser overall, while Adani Energy Solutions shed ₹44,882 crore.
Consumer staples face pressure
The report points to a broader slowdown in consumer-facing sectors as well.
Asian Paints, long regarded as one of India’s highest-quality compounders, lost more than ₹62,000 crore in value over five years. Dabur India saw its valuation decline by ₹26,259 crore, while Nirma and Jubilant FoodWorks also featured among the biggest value destroyers.
New winners emerge
The report suggests that investor capital is increasingly flowing towards sectors perceived as better positioned for India’s next growth phase.
While IT struggled, companies such as Bharti Airtel, Adani Power, ICICI Bank, Larsen & Toubro and NSE emerged as some of the country’s largest wealth creators over the same period. Bharti Airtel alone added ₹7.64 lakh crore in value, while Adani Power created nearly ₹3.86 lakh crore of shareholder wealth.
Financial services, telecom, infrastructure, manufacturing, defence and renewable energy have increasingly captured investor attention as India benefits from domestic consumption growth, infrastructure spending and policy-led industrial expansion.