HDFC Bank overtakes ICICI as most valued in pvt sector

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Mumbai, Oct 10: Battered under an onslaught of rumours continuing for several weeks, ICICI Bank on Friday lost out its place as the country’s most valued private sector bank to HDFC Bank, as its share price fell by about 20%.

Market capitalisation of ICICI Bank, the top private sector lender in terms of asset size, on Friday fell to Rs 40,512 crore, as against Rs 44,461.22 crore of rival HDFC Bank.

Shares of ICICI Bank on Friday settled 19.71% down at Rs 364.10, after a partial recovery from an intra-day fall of close to 28% to its three-year low of Rs 326.70.

In comparison, HDFC Bank shares fell by 5.65% to close at Rs 1,046.25, after recovering from its intra-day low of Rs 975.55.

Till a few weeks ago, ICICI Bank used to be the most valued bank in the country across both private and public sector entities. However, last month it lost this position to the public sector giant SBI, which now carries a market value more than double that of ICICI Bank.

In the overall banking sector, ICICI Bank now ranks as the third most valued after SBI and HDFC Bank. Across the market, ICICI Bank on Friday moved out of the top-20 club to 21st position, as against a place among the top-10 till a few weeks ago.

Friday’s fall in ICICI Bank shares is the second major plunge within a fortnight after a 14% dip in September.

At the end of Friday’s trading, SBI’s market capitalisation stood at Rs 85,857.27 crore after its share price rose by 2.27% to close at Rs 1,352.15. State Bank was among the five public sector banking stocks that surprisingly defied the sharp meltdown on the bourses and posted gains.

Canara Bank, Oriental Bank of Commerce, Indian Overseas Bank and Union Bank of India gained between 1-4% each.

ICICI Bank shares have nearly halved in the past one month, while it has plunged to below one-third of its all-time high level of Rs 1,465 scaled on January 14 this year.

There has been a volley of rumours casting doubts on ICICI Bank’s financial health doing the rounds for several weeks now, which all have been vehemently denied by the bank.