Twelve Indian companies made it to the list of the top-500 valued companies this year against 11 in the year-ago period, according to the Hurun Global 500 list that was out on Friday. Wipro (ranked 457^th), Asian Paints (477^th) and HCL Technologies (498^th) made it to the coveted list for the first time this year. 

The ranking of many Indian companies, including Tata Consultancy Services (TCS), HDFC Bank, HDFC and Bharti Airtel, saw a decline compared to the last year’s positions. 

The Indian companies were led by oil-to-telecom giant Reliance Industries (RIL) with valuation at $188 billion, up by 11 per cent and TCS with valuation at $164 billion, followed by HDFC Bank at $113 billion. 

“Around 49 per cent or 240 of the non-India Hurun Global 500 have regional presence in India, spread across ten cities, led by Mumbai with 86 and followed by Bengaluru with 52, Gurugram 32, New Delhi 30 and Pune with 13,” the Hurun report said. 

Kotak Mahindra Bank’s valuation declined by 8 per cent to $46.6 billion, which led to a fall of 96 places on the list to 380^th rank, while its larger rival, ICICI Bank, saw its valuation rise by 36 per cent to $62 billion, which resulted in its global ranking improving by 48 places to 268^th, the Hurun Rich list showed. 

“Two-thirds of Indian companies featured in the list are from financial services and software services. In the coming years, the startup revolution in the country would help India contribute more companies to Hurun Global 500,” said Anas Rahman Junaid, the managing director and chief researcher of Hurun India.