DBT Bureau
Pune, 9 Oct 2026
Indian banks witnessed a decline in market capitalization during the July-to-September quarter, according to S&P Global Market Intelligence data. HDFC Bank Ltd. recorded an 11.1% drop in market value to ₹10.925 trillion but retained its position as India’s largest bank by market capitalization. ICICI Bank Ltd. saw its market capitalization fall 3.9% to ₹9.484 trillion, while State Bank of India registered a 6.6% decline to ₹8.857 trillion. Despite the losses, the three lenders maintained their positions as the country’s top three banks by market value.
In contrast, Kotak Mahindra Bank Ltd. recorded a 6.3% increase in market capitalization during the quarter, moving up to fourth place among the top 20 Indian banks and overtaking Axis Bank Ltd. The development highlights the varied performance of banking stocks during the period, even as India’s economic growth outlook remains intact. The contrasting movements in market capitalization indicate that investors continued to assess individual lenders differently amid broader weakness in the banking sector.
