HDFC bank crosses Rs. 6 lakh crore in value becoming the third most valued firm after Reliance Industries with a market value of Rs. 8.50 lakh crore followed by TCS at Rs. 7.50 lakh crore. It has gained market capitalization mark for the first time on Wednesday, becoming the third Indian company to achieve the milestone. The stock gained around 20% in the last year. HDFC Bank’s stock rose as much as 6% in the period, gaining the fifth session in a row.
Intra-day, the stock touched the market cap, recording high of Rs.2,333 on the BSE, up 2.87% from its previous close. The scrip closed at Rs. 2,226 on the BSE, up 2.56% with a market capitalization of Rs. 6.06 lakh crore. The Sensex rose 0.58% to end at 37,752.17 points.
Over the last three years, the asset quality of the bank has marginally deteriorated on regard of its cyclical trends in its agri-loan portfolio, farm loan waivers and patchy monsoon announced by various state governments.