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SBI regains top spot in market cap

State Bank of India regained the top position in market cap after trailing HDFC Bank for more than a year. At the end of the trading session on 23 May, the total market capitalisation of the largest lender in terms of loan book stood at Rs 2.05 lakh crore against HDFC Bank’s Rs 1.89 lakh crore. The HDFC Bank scrip slipped 1.63% to Rs 789.50 on the BSE following reports that government will turn down its proposal to raise the cap on foreign institutional investment to 67.55%. In May, the scrip has gained 9.92%, underperforming the BSE Bankex, which has gained 19.15%. Meanwhile, the SBI scrip has outperformed the index with gains of 32.53% in the month. The SBI scrip surged nearly 10% to a three-year high of Rs 2,755.25 after the bank posted better-than-expected results. The bank saw a 7.8% y-o-y decline in its net profit to Rs 3,041 crore, but beat Bloomberg consensus estimates of Rs 2,807 crore.

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