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19 Nov 2024
ICICI Bank achieved a significant milestone on Tuesday by becoming the sixth Indian company to reach a market capitalisation of $100 billion.
The private bank's stock surged 2.48% to close at a record high of ₹1,199.05, solidifying its position as India's second-largest bank by market capitalisation, after HDFC Bank. It also ranks fifth among Indian entities by market value.
ICICI Bank's market cap crossed $50 billion in December 2020 and surpassed $75 billion within 10 months by October 2021. This year, its shares have risen by 20%, outpacing the Nifty and Bank Nifty, which each saw gains of 9% over the same period.
Joining the ranks of Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and Infosys, ICICI Bank is now part of a select group of Indian firms with a $100 billion market cap.
Currently, Reliance Industries leads with a market cap of $236 billion, followed by TCS at $166 billion.
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