In a significant development in the Indian stock market, HDFC Bank has secured the position of India’s second-largest company by market capitalization, surpassing IT giant Tata Consultancy Services (TCS). During the last trading week, the top 5 companies out of the top 10 witnessed a remarkable addition of Rs 4,23,014.4 crore to their collective market cap.
HDFC Bank Surpasses TCS as India’s Second-Largest Company by Market Cap
HDFC Bank emerged as the biggest beneficiary, with its market cap rising by a staggering Rs 3,43,107.78 crore, reaching Rs 12,63,070.52 crore. State Bank of India (SBI) followed suit, gaining Rs 27,220.07 crore in market cap, reaching Rs 5,48,819.01 crore. ICICI Bank saw a substantial rise of Rs 24,575.78 crore, taking its market cap to Rs 6,97,413.50 crore. ITC added Rs 21,972.81 crore, reaching a market cap of Rs 6,09,924.24 crore, while Bajaj Finance witnessed an increase of Rs 6,137.96 crore, reaching a market cap of Rs 4,59,425.99 crore.
Top 5 Companies Witness a Whopping Rs 4.2 Lakh Crore Addition to Market Cap
On the other hand, Reliance Industries (RIL) faced a decline of Rs 1,37,138.56 crore in market cap, reaching Rs 17,15,895.17 crore, following the separation of its financial services arm into RSIL (Reliance Strategic Investments Limited) renamed as JFSL (Jio Financial Services Limited). TCS witnessed a dip of Rs 52,104.89 crore, with a market cap of Rs 12,32,953.95 crore, while Infosys saw a decrease of Rs 39,406.08 crore, reaching a market cap of Rs 5,52,141.59 crore. Hindustan Unilever’s market cap declined by Rs 17,163.77 crore, reaching Rs 6,11,786.57 crore, and Bharti Airtel witnessed a dip of Rs 390.94 crore, reaching a market cap of Rs 4,94,726 crore.
The top 10 companies’ ranking remained led by Reliance, followed by HDFC Bank, TCS, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, Bharti Airtel, and Bajaj Finance.