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Indian banks see a decline in market capitalisation in the July-September quarter, with Kotak Mahindra Bank overtaking Axis Bank to become the fourth-largest lender by market value. (Representative Image)
Indian banks saw a decline in market capitalisation during the July-September quarter, with investors potentially finding value in select lenders as the country’s economic growth remains intact, according to S&P Global Market Intelligence data.
HDFC Bank, India’s largest lender by market capitalisation, saw its market value decline 11.1 per cent sequentially to Rs 10.92 trillion as of September 30. ICICI Bank’s market capitalisation fell 3.9 per cent to Rs 9.48 trillion, while State Bank of India’s declined 6.6 per cent to Rs 8.86 trillion. The three lenders retained their positions as India’s largest banks by market value.
Kotak Mahindra Bank was among the few large lenders to register a gain, with its market capitalisation rising 6.3 per cent to Rs 4.15 trillion. It overtook Axis Bank to become India’s fourth-largest bank by market value. Axis Bank’s market capitalisation fell 8.9 per cent to Rs 3.82 trillion.
Among other lenders, Punjab National Bank’s market value rose 6 per cent, while RBL Bank registered a 9.3 per cent increase. In contrast, Bank of Baroda saw its market capitalisation decline 15.4 per cent, while Yes Bank and Bank of Maharashtra recorded drops of 13.4 per cent and 13.2 per cent, respectively.
The combined market capitalisation of the top 20 listed Indian banks stood at Rs 50.11 trillion at the end of September.
First Published: Oct 09 2026 | 6:34 PM IST
