Shares of ICICI Bank on Monday leaped almost 11 per cent following stellar second quarter numbers, but the gains have led to one key question among investors — has HDFC Bank finally met its match at least in the valuation game in the markets?
The ICICI Bank scrip on Monday rose to a new high of Rs 850.70 during intra-day trades — a gain of 13.25 per cent after which it settled at Rs 841.05 — a rise of 10.80 per cent, or Rs 81.95, over the previous close on the BSE.
Based on the closing price, the counter had a market cap of Rs 5,83,350.85 crore. Rival HDFC Bank closed 1.49 per cent lower at Rs 1,656.86. The most valued lender has a market cap of Rs 7,24,803.45 crore.
ICICI Bank on Saturday reported a record standalone net profit of Rs 5,511 crore. Net NPA ratio fell below 1 per cent to 0.99 per cent — a seven-year low.
