IT major TCS surpassed Reliance Industries to become the country's most valued company as its market capitalisation soared to over Rs 2.61 lakh crore on Friday  because of spurt in the share price.

During the afternoon trade, TCS commanded a market value of Rs 2,61,357 crore (Rs 2.61 trillion), the highest for any listed company in the country.

This is about Rs 833 crore (Rs 8.33 billion) more than RIL's market value of Rs 2,60,524 crore (Rs 2.60 trillion).

A gain of nearly 2 per cent at Rs 1,335 in TCS's share price pushed the company to the top slot. In comparison, RIL was trading 0.12 per cent lower at Rs 804 on the BSE.

Market capitalisation of a listed company corresponds to the cumulative market price of all its shares. This figure changes daily with the change in the stock price.

ONGC, with a market valuation of Rs 2,27,533 crore, stood at the third position, followed by ITC (Rs 2,23,982 crore) and Coal India (Rs 2,21,988 crore).