DBT Bureau
Pune, 10 July 2025
Indian banks gained in market capitalization in the April-June quarter as falling interest rates and liquidity likely attracted investors. However, slowing credit growth and global uncertainties may pose a challenge in the coming months, according to latest data analysis by S&P Global Market Intelligence.
Key highlights from the analysis include:
- According to S&P Global Market Intelligence data, 18 of the top 20 Indian lenders, including India’s three biggest lenders, increased their market cap during the second quarter.
- HDFC Bank Ltd. added 9.70% in market cap to remain India’s biggest bank by the measure. HDFC’s private sector peer ICICI Bank Ltd. gained 7.43% in market cap, while State Bank of India, the biggest Indian lender by assets, gained 6.33% in market cap.
- AU Small Finance Bank Ltd. posted the biggest gain in market cap during the second quarter, up 53.05%. IndusInd Bank Ltd. added 34.20% to its market cap during the quarter, recovering from a sharp fall after the lender admitted to accounting lapses earlier this year.
- Kotak Mahindra Bank Ltd., ranked fourth in India by market cap, posted a 0.35% decline. State-owned UCO Bank booked the biggest loss during the quarter with a market cap decline of 9.24%, according to S&P Global Market Intelligence data.
