Tesla loses an entire TCS during Thursday's 14% crash
Published on 06/06/2025 07:59 AM
Tesla loses an entire TCS during Thursday's 14% crashTCS is the third-most valued company in India, after Reliance Industries and HDFC Bank. By Hormaz Fatakia June 6, 2025, 7:59:09 AM IST (Published)2 Min ReadTesla shares crashed 14% on Thursday after what started off as a criticism of US President Donald Trump's Big Beautiful Bill, turned into a full-blown public war between the US President and Tesla Chief Elon Musk, who has been a vocal critic of the bill.
In light of the 14% fall that Tesla had overnight, the Electric Vehicle manufacturer lost $152 billion in market capitalisation, which is the biggest hit on record that the stock has taken. It also led to Elon Musk's personal wealth being wiped out by $34 bilion.
The market cap loss of Tesla was more than the entire market cap of India's largest IT services company, Tata Consultancy Services (TCS), which stood at $142 billion at the end of Thursday's close.
The market cap loss is also 88% of HDFC Bank's entire market value, which stood at $173 billion at the end of Thursday's session and 67% of India's most valued company, Reliance Industries Ltd., whose market cap at the end of Thursday stood at $227 billion.
TCS is the third-most valued company in India, after Reliance Industries and HDFC Bank.
The US President and the world's richest individual have been engaged in a war of words, trading accusations and counter-accusations on their respective social media platforms.
While President Trump said Musk was 'going crazy' as his "One Big Beautiful Bill" would disincentivise Electric Vehicle users, Musk retorted by saying that Trump's tariffs would result in a recession in the US during the second half of 2025.
Also Read: Donald Trump-Elon Musk Battle: A timeline of the turn of events Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsDonald TrumpElon MuskReliance Industries (RIL)share market todayTCSTesla