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SBI drops out of India’s top 10 most valued companies

SBI hikes rates on bulk deposits by 100 bpsState Bank of India (SBI), India’s largest state-owned bank, lost its place in the list of the country’s 10 most valued companies in terms of market capitalisation after the stock price of bank declined for the fourth straight trading days on the BSE.With the m-cap of Rs 2,229 billion (Rs 2.229 trillion), SBI is currently stands at 11th rank, behind of Kotak Mahindra Bank, which has m-cap of Rs 2,231 billion (Rs 2.231 trillion) at 02:18 pm, the BSE data shows.Kotak Mahindra Bank now become the second most valuable bank in terms of market-cap, replaced the SBI, which has fallen to number third position.In past four trading sessions, SBI has declined 5.3%, against 5% rise in the market price of Kotak Mahindra Bank.Kotak Mahindra Bank hit a new high of Rs 1,172, up 2% today, rallied 16% thus far in the calendar year 2018. On comparison, SBI has dipped 20% from Rs 310 to Rs 248 today. The S&P BSE Sensex was up 0.67% during the same period. Disclaimer – Kotak Mahindra and associates are significant shareholders in Business Standard Pvt Ltd
Source: Business Standard