Axis Bank surpassed Kotak Mahindra Bank to become India’s 4th largest lender by market cap.
Kotak’s market value decreased to Rs 3.3 lakh crore, while Axis Bank’s rose to Rs 3.4 lakh crore.
Due to better-than-expected Q4 results, Axis Bank’s shares rose by 4%.
HDFC Bank, ICICI Bank and State Bank of India (SBI) are India’s top three most valuable banks by market cap.
HDFC Bank tops the lenders with a market cap of ₹11.5 lakh crore, followed by ICICI Bank with a market cap of ₹7.78 lakh crore and SBI at ₹6.99 lakh crore.
Recently, RBI has banned Kotak Mahindra Bank from onboarding new customers online and issuing new credit cards.
Axis Bank registered a net profit of ₹7,130 crore in the January-March quarter.
