Kotak Mahindra Bank beats SBI to become India's 2nd most valuable lender

Kotak Mahindra Bank beats SBI to become India's 2nd most valuable lender”

Mumbai: Kotak Mahindra Bank, once known for broking and deal making, on Monday surpassed the country's largest state-run commercial lender State Bank of India in market value for the first time to become the second-most valuable bank in India after HDFC Bank. With almost 2 per cent gains in share price of Kotak Mahindra Bank, the market capitalisation of the bank jumped to Rs 2.23 lakh crore to reach marginally higher ground against SBI at Rs 2.22 lakh crore. Kotak Mahindra Bank has left behind the largest public sector lender, SBI Bank, at a time when banking stocks are going through a turmoil post the financial fraud got reported in Punjab National Bank.

HDFC Bank remained the country's most-valuable bank with a market capitalization of Rs5.04lakh crore. HDFC Bank has the free float market cap of Rs 3.97 crore.

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The stock is now trading above its 50 DMA.

Kotak has been a steady performer over the rate cycles, and most analysts expect the bank would maintain its strong performance in the March quarter as well. "One way in which it (reputation risk) can be measured is through changes in market capitalisation of the affected institutions, which are well placed to capture the many indirect effects of reputation damage through their reflection of lost future earnings", Ghosh said in a report "Risk Management and Emperor's New Clothes: The Fear Of Reputation Risk" released on Monday. State Bank of India has slipped to the third position now. Since then, shares of SBI have declined almost 19 percent due to the posting of loss in December quarter and bad loan problems faced by state-run banks, while that of Kotak Mahindra Bank have risen 16 percent. The CASA ratio for the bank stood at 46.7%.

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