ICICI Bank joins Rs 1-trillion club

MUMBAI: ICICI Bank, the country's second-largest lender, on Monday became the first bank to cross the Rs one-trillion level in market valuation, on the back of recent listing of its 5.81 crore fresh equity shares on the bourses.

ICICI Bank became the eighth entity to touch the Rs 1,00,000 crore mark. Reliance Industries, ONGC, NTPC, Bharti Airtel, Reliance Communications, Infosys and TCS have already crossed the milestone.

The private lender's bigger rival in terms of revenue, State Bank of India, has market value of Rs 82,694 crore.

ICICI Bank's market capitalisation stood at Rs 1,02,971.54 crore, although its share price ended down 1.13 per cent at Rs 970.45 on the Bombay Stock Exchange. The scrip surged to an intra-day high of Rs 985 on the exchange.

ICICI Bank had raised over Rs 5,400 crore in a follow-on public offer which had received robust investor response getting subscribed 11.50 times.

Corporate behemoth RIL's market cap stood at Rs 2,38,000 crore, followed by state-run oil giant ONGC at about Rs 1,91,000 crore and Bharti Airtel at Rs 1,67,000 crore.

Another public sector firm NTPC stands at fourth place with Rs 1,29,000 crore followed by TCS at Rs 1,50,000 crore, Infosys Rs 1,38,000 crore and RCoM at Rs 1,12,000 crore.

The Bank also regained the eighth position in terms of the market cap, which it had lost briefly to DLF Ltd after the realty firm's recent listing on the bourses.

DLF has slipped to the ninth rank with market cap of Rs 96,945.89 crore.