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ICICI Bank surpasses State Bank of India in terms of market-cap: Report

By Religare
ICICI Bank surpasses SBI in terms of market cap
India's largest private sector lender ICICI Bank has finally surpassed India's biggest public sector lender State Bank of India (SBI) in terms of market capitalization on the bourses at the end of Tuesday's trading session, as per an Economic Times report.

The report said ICICI Bank ended Tuesday's session with market-cap of Rs 1,11,917 crore compared with SBI's market cap of Rs 1,11,596 crore.

The development came on the back of sharp rally seen in banking stocks in the last few days after new RBI governor Raghuram Rajan rolled out slew of measures to stem rupee's slide. Also, the recovery in rupee has provided the much-needed relief to banking stocks.

Following the appointment of Rajan as new RBI governor, the stock of ICICI Bank gained as much as 18.54 per cent in just four trading sessions. In contrast, SBI gained by just around 9 per cent in four trading sessions as the upside was limited by the concerns lingering over the asset quality as well as capital infusion.

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