State Bank of India and ICICI Bank are locked in an exciting battle of market value, with the state-run lender steadily creeping up on its private-sector rival over the past few trading sessions, and likely to race ahead of it soon.
More than four years ago, ICICI Bank, India's second-largest private bank, had crept ahead of SBI, India's largest bank, in terms of market value. In the past 11 months (10 March 2023 to 7 February 2024), it steadily widened the gap with SBI to a daily average of over 1.44 trillion.
Then, the state-run lender came from behind, dramatically shrinking the gap to just ₹585.5 billion in the past 12 trading sessions through 23 February, as SBI joined a rally in stocks of public sector companies. As of Friday, SBI's market cap stood at ₹6.77 trillion, against ICICI Bank's ₹7.45 trillion, Bloomberg data showed. To be sure, both the banks are behind HDFC Bank, which had a market cap of ₹10.79 trillion on Friday.
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