ICICI Bank Beats SBI To Become India’s 2nd Biggest Bank In Market Cap; HDFC Is India’s #1 Bank!

Government-owned State Bank of India is no longer the second most valuable bank; it has been replaced by ICICI. 

The most valuable bank is HDFC bank, with a market capitalization of Rs. 7,47,991.29 crore.

Read on to find out all the details!

ICICI Bank Defeats SBI To Become Second Most Valuable Bank

The data by Bombay Stock Exchange has revealed that ICICI Bank ended on Wednesday with a market share of Rs. 4,96,364.87 crores. Whereas, the market capitalization of SBI stood at Rs. 4,25,168.49 crore. 

HDFC Bank has made it to the third position in the list of India’s top 10 most valuable companies. 

As per reports, Reliance Industries Limited or RIL and TCS have come in first and second position in the list respectively. Whereas, Adani Green Energy’s market cap has sunk from 7th to 8th spot in the list of the top 10 most valued companies of India. 

Adani Green Energy’s market cap had piped SBI’s market cap and came in in the 7th position. The market value of the Adani group stock went down in the last week after the sell-off trigger in the stock. 

Additionally, after the recent sell-off in Adani stocks, SBI has regained the 7th spot in the most valuable Indian companies list. 

RIL, TCS, HDFC Top Three Last Year

We had reported in August last year that nine of India’s biggest domestic companies contributed Rs 2,22,591.01 crore in market valuation last week. 

The top 3 of this lot were Reliance Industries Ltd (RIL, which is the leader), TCS (at number 2), and HDFC bank (at number 3). 

During this time, HDFC Bank grew its market capitalization (m-cap) by Rs 37,563.09 crore to reach Rs 8,26,332.67 crore.

ICICI Bank Increases EBLR

ICICI Bank has also been in the news for raising the external benchmark lending rate. The rate of ICICI Bank has increased by 40 bps to 8.1 percent, as of Thursday. This comes after a mid-cyclic RBI rate hike. 

The RBI has raised the benchmark lending rate or repo rate by 40 basis points (bps) to 4.40 percent.