05 May 2016 Current Affairs: Kotak Mahindra Bank has surpassed ICICI Bank to emerge as the third most valued lender in the country as its market valuation soared to over Rs.1.29 lakh crore.
At close of trade on Tuesday, Kotak Mahindra’s market capitalisation stood at Rs.1,29,963.14 crore, which is about Rs.1,244.92 crore more than ICICI’s m-cap of Rs.1,28,718.22 crore.Shares of ICICI fell by 2.47%, while Kotak ended the day with a loss of 1.39% on BSE.ICICI Bank’s shares have witnessed selling pressure since the company reported quarterly numbers, falling nearly 8% in three straight trading sessions.
ICICI Bank on Friday reported its worst numbers in over a decade with consolidated net profit plunging 87% in the March quarter to Rs.406.71 crore due to a spike in provisioning for bad loans.
Kotak Mahindra Bank had overtaken ICICI Bank in market valuation in February this year also. HDFC Bank remains the biggest lender in terms of valuation as its m-cap stood at Rs.2,82,629.26 crore followed by SBI (Rs.1,42,990.35 crore).Till last year, ICICI Bank’s market cap was more than double of Kotak’s. The m-cap figure changes daily with the change in the stock price.