ICICI Bank’s mcap gap with HDFC Bank narrows to over 11-year low of ₹49K cr | Finance News
ICICI Bank’s market capitalisation (mcap) is fast catching up with that of India’s most valuable lender, HDFC Bank, which currently stands at Rs 10.93 trillion. At Rs 10.43 trillion currently, ICICI Bank is just Rs 49,167 crore behind HDFC Bank’s market capitalisation. This latest gap between the two lenders is the lowest since January 29, 2015 when it stood at Rs 44,568 crore.
If ICICI Bank surpasses HDFC Bank, it will become India’s most valuable lender. Among all banks, State Bank of India is currently third, with a market cap of Rs 9.78 trillion, according to Monday’s closing data of National Stock Exchange.
In mid-July 2023, when HDFC Limited merged with HDFC Bank, the combined market cap of HDFC Bank stood at Rs 12.37 trillion, nearly double ICICI Bank’s Rs 6.69 trillion. Since then, HDFC Bank’s share price has declined at an annual rate of 4 per cent, while ICICI Bank’s price has increased by 16 per cent annually.
Beyond margin pressures and steadier growth for ICICI Bank, leadership friction eroded HDFC Bank’s market cap.
Atanu Chakraborty’s abrupt resignation in March 2026 wiped out Rs 1.5 trillion in days. By late August, governance concerns and MD & CEO Sashidhar Jagdishan’s planned exit further dragged the valuation down to Rs 10.93 trillion, accelerating ICICI’s convergence.
