India's financial sector is dominated by large government-owned and private-sector banks. Major players like State Bank of India (SBI), HDFC Bank, and ICICI Bank control much of the financial space, spanning lending, insurance, and asset management. However, Bajaj Group is now challenging this dominance, thanks to the high profitability and market capitalisation (mcap) of its financial arms such as Bajaj Finserv, Bajaj Finance, and the newly listed Bajaj Housing Finance.
Following the initial public offering (IPO) and listing of Bajaj Housing Finance this month, Bajaj Group has emerged as the third-largest financial group in the country by mcap, behind the HDFC and ICICI groups but ahead of the SBI group.
Bajaj Housing Finance, which more than doubled on listing day, added ₹1.36 trillion to the group's mcap. The stock closed at ₹163.74 on Friday on the BSE, compared to the IPO price of ₹70 per share.
The four listed financial companies in the group - Bajaj Holdings, Bajaj Finserv, Bajaj Finance, and Bajaj Housing Finance - had a combined mcap of ₹10.36 trillion on Friday, compared to ₹9.6 trillion for the three SBI group companies - State Bank of India, SBI Life Insurance, and SBI Cards & Payment Services.
HDFC Group tops the league with a combined mcap of ₹15.75 trillion, followed by the ICICI group at ₹11.95 trillion.
The ICICI group has four listed companies ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.
However, the total assets of Bajaj Finserv and Bajaj Finance remain a fraction of the overall assets of the country's top banks.
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