Kotak Mahindra Bank topples SBI to become India’s 2nd largest bank by market cap

Kotak Mahindra Bank topples SBI to become India’s 2nd largest bank by market cap

The Mumbai-based Kotak Mahindra Bank led by Asia’s richest banker Uday Kotak became India’s second-largest bank by market capitalisation on Monday surpassing India’s largest bank by asset State Bank of India to grab the spot. Kotak Mahindra Bank is now behind the market capitalisation leader among all the banking scrips HDFC Bank which also features among the exhaustive club of Rs 5 lakh crore market capitalisation. Along with achieving the feature as country’s second-largest bank by market capitalisation, Kotak Mahindra Bank came in the list of top 10 most valued companies on Bombay Stock Exchange.

Shares of Kotak Mahindra Bank rose as high as 2.22% to a day’s peak of Rs 1,174.05 in the late afternoon deals to clinch the iconic place on Monday. Kotak Mahindra Bank topped a market capitalisation of Rs 2,23,732.67 crore on the day’s high price and Rs 2,22,970.40 crore on the basis of the closing price of Rs on Bombay Stock Exchange. While, on the other hand, State Bank of India commands a market capitalisation of Rs 2,22,489.97 crore. At the end of Monday’s dealing, Kotak Mahindra Bank’s market capitalisation was Rs 480.43 crore higher than that of State Bank of India.

Shares of Kotak Mahindra Bank finished up 1.88% at Rs 1,170.05 on BSE while the stock concluded 1.82% higher at Rs 1,172.1 on NSE. Notably, Kotak Mahindra Bank is the fourth-largest private sector lender in the country after HDFC Bank, ICICI Bank and Axis Bank, in terms of asset size.

Among the stack of top 10 companies by market capitalisation on Bombay Stock Exchange, Tata group’s cash cow Tata Consultancy Services, Mukesh Ambani-controlled Reliance Industries and Aditya Puri-led HDFC Bank have the market capitalisation above Rs 5 lakh crore. The list is followed by India’s FMCG giant ITC, India’s largest housing financier Housing Development Finance Corporation, another consumer goods behemoth Hindustan Unilever, Country’s largest automaker Maruti Suzuki, India second-largest IT company Infosys, the oil explorer ONGC.

Over the course of last three days only, the stock of Kotak Mahindra Bank 3.36% to Rs 1,174 from the share price level of Rs 1,113.65 on NSE. Shares of Kotak Mahindra Bank have been broadly rising since 23 March 2018.