Axis Becomes The Fourth Most Valued Bank: Surpassed Kotak
By: Geetanjali
In a turn of events on Thursday, April 22, 2024, Axis Bank surpassed Kotak Mahindra Bank taking up the position of Fourth most valued bank and fourth most valued private bank in India after HDFC, ICICI, and State Bank of India (SBI). Kotak Bank’s stock opened in red on Thursday, after the RBI barred Kotak from onboarding new users and issuing fresh credit cards to the lenders on Wednesday, due to failure in fixing deficiencies in its system.
Market Capitalization of Top 5 Banks in India:
| Bank Name | Market Capitalization in 2023-24 |
| HDFC Bank | Rs 11.5 lakh crore |
| ICICI Bank | Rs 7.8 lakh crore |
| SBI Bank | Rs 7.3 lakh crore |
| Axis Bank | Rs 3.5 lakh crore |
| Kotak Mahindra Bank | Rs 3.21 lakh crore |
This came after Axis bank witnessed a 6% steep climb in the share prices of the bank after it announced a net profit of Rs. 7,599 crore in the fourth quarter of March 2024.
Following, the bank reported net profit grew to Rs. 24,861.54 crore in FY 24, then the previous Rs. 9,579.58 crore in FY 23.
Kotak Mahindra Bank fell down by 11% to Rs. 1,607/ share on Thursday opening stocks.
While, on the same day Axis Bank’s stocks opened with an increase of 5.98% to Rs. 1,127.35/ share on BSE (Bombay Stocks Exchange). And during the day stock prices surged to 6.57% to settle Rs. 1,133.65/ share.
Whereas on NSE (National Stocks Exchange) saw a surge of 6% to Rs. 1,127.45/share.
Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox stated,”Kotak Mahindra Bank is no longer the 4th largest bank in the country as Axis Bank took the position”.
