Kotak Bank zooms past SBI to stand as India's second most valuable lender

Its $33.84b market cap beats the state-bank by a mere margin.

Bloomberg reports that Kotak Mahindra Bank has overtaken the country’s largest state-run commercial lender State Bank of India to hold the title of the second most valuable lender by market capitalisation.

Backed by billionaire Uday Kotak, the bank’s shares rose 1.8% to a market cap of $33.84b (Rs 2.23t) on Monday which exceeded SBI’s market cap of $34b (Rs 2.22t) by a mere margin.

This comes as the SBI shares fell as public sentiment turned sour against government banks following the $2b fraud at state-run Punjab National Bank.

Also read: India to merge 35 overseas branches of state banks after $2b fraud case

HDFC bank is still the country’s top private sector bank with a market cap of $76.68b (Rs 5.03t).

Here’s more from Bloomberg.