ICICI Bank overtook State Bank of India (SBI) to become the second most valuable bank in India after HDFC Bank. According to BSE data, ICICI Bank ended Wednesday with a market capitalization of $4,96,364.87 crore compared to SBI market capitalization of $4,25,168.49 crores. However, HDFC Bank remains the most valuable Indian bank with a market value of $7,47,991.29 crores. HDFC Bank is ranked third in the list of top 10 most valuable companies in India. Reliance Industries Limited or RIL and TCS rank first and second on the list, respectively.
Meanwhile, the market capitalization of Adani Green Energy has fallen from seventh to eighth in the list of the 10 most valued listed companies in India. The market value of shares in the Adani group plunged in the last week after the sell-off in shares was triggered. Last week, Adani Green Energy’s market capitalization surpassed SBI’s market capitalization and ranked seventh in the club of the big boys, but after Adani’s recent stock sell-off, SBI regained seventh place in the list of the most valuable indian companies.
ICICI Bank first surpassed SBI’s market capitalization in 2013. However, this could not last long and ICICI Bank’s market capitalization fell short of SBI’s market valuation after a few sessions. Subsequently, in 2016 and in March 2022, SBI’s market capitalization fell below the private lender’s market value again. But, this time, the gap in the market value of the top two Indian banks looks bigger as ICICI Bank is on track to catch up. $The market capitalization of 5 lakh crore while the market capitalization of SBI is declining towards $Market value of 4 lakh crore.
Highlighting the possible reason why ICICI Bank’s market capitalization extends its lead over India’s largest commercial bank, Ruchit Jain, Lead Research at 5paisa.com said: “The Bank Nifty (especially private sector banking stocks) has been relatively outperforming Nifty since the last couple of sessions.”