Mumbai, June 8: Tata Consultancy Services (TCS) today came close to changing the pecking order of India’s most valuable companies.

The software giant briefly overtook Oil and Natural Gas Corporation (ONGC) in the market capitalisation charts during the day and could be looking to dislodge the oil behemoth from its perch.

The market cap of TCS —the country’s largest software services company — today rose to Rs 2,31,402 crore in intra-day trades, which was higher than that of ONGC at the close of the day at Rs 2,31,041 crore.

TCS, thus, briefly became the third most valued company after Reliance Industries Ltd (RIL) and Coal India Ltd which boast a market capitalisation of Rs 3,10,099.31 crore and Rs 2,57,107.61 crore, respectively.

However, TCS dipped slightly at the end of the day to close with a market cap of Rs 2,30,433 crore, just Rs 608 crore short of ONGC’s.

Last month, Coal India became the most valuable PSU company in terms of market cap as it overtook ONGC to the second place behind RIL. The ONGC stock has been under pressure because of higher subsidy burden even as its fourth quarter results failed to meet expectations. Analysts are now not ruling out the possibility of the stock continuing to remain under pressure in the coming days.

On the other hand, TCS has consistently delivered better-than-expected numbers and IT sector analysts are optimistic over its performance in the coming quarters.