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HDFC Bank overtakes SBI as India's most valued bank
HDFC Bank on Friday surpassed State Bank of India as the country's most valued bank with a total market valuation of about 1,37,554 crore (Rs 1,375.54 billion).
HDFC Bank's shares fell by 3.13 per cent to settle at Rs 584.25 as a result, private sector bank's market capitalisation rose to Rs 1,37,554 crore as against SBI's 1,30,263 crore (1,302.63 billion), according to the BSE data.
SBI shares were seen trading under pressure with a fall of nearly 2 per cent this afternoon, despite an overall uptrend in the market, while HDFC Bank shares gained by more than 3 per cent.
The market benchmark Sensex was trading more than 200 points higher on broad-based buying among blue chips.
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HDFC Bank overtakes SBI as India's most valued bank
As a result, HDFC Bank's market capitalisation rose to Rs 1,37,500 crore (Rs 1,375 billion), as against SBI's 1,32,700 crore (Rs 1,327 billion), as per the BSE data.
At close on Thursday, SBI was the country's most valued bank with a total market cap of Rs 135,360 crore (Rs 1,353.6 billion), followed by HDFC Bank (Rs 133,375 crore or Rs 1,333.75 billion), ICICI Bank (Rs 1,04,558 crore or Rs 1,045.58 billion), Axis Bank (Rs 41,657 crore or Rs 416.57 billion) and Kotak Mahindra Bank (Rs 40,178 crore or Rs 401.78 billion).
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HDFC Bank overtakes SBI as India's most valued bank
At 1415 hrs on Friday, HDFC Bank shares were trading 3.1 per cent higher at Rs 584 after scaling an intra-day high of Rs 588.
On the other hand, SBI was down nearly 2 per cent at Rs 1,977.40 at the BSE, while ICICI Bank was up 2.5 per cent, Axis Bank was up 2.1 per cent and Kotak Mahindra was trading 1.6 per cent down.
In terms of market cap, HDFC Bank and SBI were followed by ICICI Bank (Rs 1,07,221 crore or Rs 1,072.21 billion), Axis Bank (Rs 42,541 crore or Rs 425.41 billion) and Kotak Mahindra Bank (Rs 39,547 crore or Rs 395.47 billion) at 1420 hours.