ICICI Bank overtook State Bank of India (SBI) to become India’s second most valuable bank after HDFC Bank. As per the BSE data, ICICI Bank ended on Wednesday with a market capitalization of ₹4,96,364.87 crore compared to SBI’s market cap of ₹4,25,168.49 crore. However, HDFC Bank continues to remain most valuable Indian bank with a market value of ₹7,47,991.29 crore. HDFC Bank is placed at 3rd spot in the list of India’s top 10 most valuable companies. Reliance Industries Limited or RIL and TCS are placed at 1st and 2nd spot in the list respectively.
Meanwhile, Adani Green Energy’s market cap has slipped from 7th to 8th spot in the list of India’s top 10 most valued listed companies. The market value of the Adani group stock nosedived last one week after the sell-off trigger in the stock. Last week, Adani Green Energy market cap had piped SBI’s market cap and grabbed 7th spot in the big boys club but after the recent sell-off in Adani stocks, SBI has regained 7th spot in most valuable Indian company’s list.
ICICI Bank had first overtook SBI’s market cap in 2013. However, this couldn’t last long and ICICI Bank’s market cap came below SBI’s market valuation after few sessions. Later on in 2016 and in March 2022, SBI’s market cap once again came below the private lender’s market value. But, this time, the gap in market value of the two leading Indian banks look bigger as ICICI Bank is on course to hit ₹5 lakh crore market cap while SBI market cap is descending towards ₹4 lakh crore market value.
Highlighting the possible reason for ICICI Bank market cap extending its lead over the largest Indian commercial bank, Ruchit Jain, Lead Research at 5paisa.com said, “The Bank Nifty (especially private sector banking stocks) has shown relative outperformance to Nifty since last couple of sessions.”