Rising spree of Kotak Mahindra Bank shares helped the lender to surpass ICICI Bank in terms of market capitalisation on Tuesday. The share price of Kotak Mahindra Bank surged over 6 per cent in the past two months since the central bank removed it from foreign investment ban list. On the other hand, ICICI Bank shares gained 0.38 per cent during the same period till May 3.
Market cap of Kotak Mahindra Bank and ICICI Bank were at Rs 1,29,963.80 crore and Rs 1,28,702.25 crore, respectively. Market cap is the total market value of the shares outstanding of a publicly traded company; it is equal to the share price times the number of shares outstanding.
On Wednesday, Kotak Mahindra Bank was trading 1.28 per cent up at Rs 717.50 (at 11.17 am). On the other hand, ICICI Bank was trading 1.54 per cent down at Rs 217.95.
Investec Securities said last month Kotak remained their top pick, calling it well positioned to deliver consistent return-on-assets improvement starting FY2018
Meanwhile, ICICI Bank’s shares have fallen 8 per cent since the private sector lender reported a decade-low quarterly profit on April 29.
(With inputs from Reuters)