The market capitalization of India’s largest banks fell during the October–December 2024 period as investor sentiment turned sour amid lackluster credit growth and shrinking margins, according to an S&P Global analysis.
Fifteen of the 20 biggest banks by market capitalization in India posted quarter-over-quarter declines in their market cap in the period, data compiled by S&P Global Market Intelligence showed. IndusInd Bank Ltd. saw the steepest fall of 33.7% in the sample, followed by AU Small Finance Bank Ltd. with a 24.4% decline and IDFC First Bank Ltd. with a 16.9% decline.
HDFC Bank Ltd., the country’s largest private-sector bank by assets, stayed at the top of the ranking with a market cap of 13.6 trillion rupees, up 2.6% from the previous quarter. Two other private-sector banks, The Federal Bank Ltd. and ICICI Bank Ltd., also logged an increase in market cap for the quarter, with Federal Bank gaining 1.7% to 490.7 billion rupees and ICICI Bank 0.9% to 9.05 trillion rupees.
Two public sector banks rounded up the five lenders that posted gains in their market cap. State Bank of India, the country’s biggest bank by assets, posted a 0.9% rise in market cap to 7.1 trillion rupees, while Indian Bank’s was up 1.1% to 713.8 billion rupees.
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