India's largest private bank suffers major blow as it loses Rs 19284 crore due to...; market cap declines to Rs...

This week didn't go well for India's largest private bank, HDFC Bank. The bank lost Rs 19,284.8 crore in its market cap after its share price fell by Rs 11.30 in five days from June 30 to July 4. The market cap of HDFC Bank now stands at Rs 15,25,339.72 crore. Even its rival, ICICI Bank, lost Rs 13,566.92 crore in its market valuation, which stood at Rs 10,29,470.57 crore. Last week, the BSE benchmark Sensex dropped 626.01 points or 0.74 per cent.

HDFC Bank emerges major laggard

HDFC Bank emerged as the worst-hit this week in line with a bearish trend in equities. Moreover, the combined market valuation of six of the top-10 valued firms, including HDFC Bank, eroded by Rs 70,325.5 crore during the same period.
 
In the top-10 pack, Mukesh Ambani's Reliance Industries, State Bank of India (SBI), Infosys and Hindustan Unilever Ltd were the gainers, while HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, Life Insurance Corporation of India (LIC) and Bajaj Finance faced erosion from their market valuation.
 
Most valued firm in India

In the ranking of top-10 firms, Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever Ltd.

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HDFC Bank Q1 results

The private lender said its gross advances grew 0.4 per cent quarter-on-quarter (QoQ) for the June quarter, while deposits were up 5.1 per cent QoQ for the same period. HDFC Bank said its gross advances aggregated to Rs 2.6 lakh crore as of June 30, a growth of 6.7% over Rs 2.4 lakh crore as of June 30, 2024.

(With inputs from PTI)