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Uday Kotak-led Kotak Mahindra Bank on Monday pipped SBI to become India’s second-most-valued lender after HDFC Bank in terms of market capitalisation.
The PNB scam that took a toll on India’s PSU banking stocks has pushed SBI, India’s largest government-promoted lender, a notch below in its ranking as the most-valued domestic bank. Kotak Mahindra Bank is now also among the top 10 most-valued companies on the BSE.
M-cap @ ₹2,22970.4 cr
Data from the BSE showed that Kotak Mahindra Bank now has a market capitalisation of ₹2,22,970.4 crore, after its shares closed at a record high of ₹1,170.05, up 1.88 per cent, on Monday. Intraday, the Kotak stock rose 2.22 per cent. The shares have gained 16 per cent so far this year.
HDFC Bank remained the country’s most-valuable bank with a market capitalisation of ₹5.04 lakh crore.
The market capitalisation of SBI stood at ₹2,22,043.74 crore. SBI’s share price fell 0.76 per cent on Monday to close at ₹249.3. The share price of SBI has declined by 10 per cent since the PNB fraud came to light in February. The Nifty PSU Bank index is down 18.4 per cent during the same period.
According to Bloomberg data, among the analysts covering the SBI stock, 42 have a ‘buy’ rating, six have a ‘hold’ rating and two have a ‘sell’ rating on it.
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