State Bank of India overtakes HDFC in market capitalisation

At 12.00 pm, the HDFC scrip, on the other hand, was trading at Rs 2,275 per share, up 0.69 percent on the BSE.

The stock has struggled ever since the initial euphoria surrounding its merger with HDFC Bank died down. The shares of HDFC have underperformed Sensex by over 12 percent year-to-date (YTD).

The HDFC twins' transaction is expected to be complete latest by the fourth quarter of FY24, subject to shareholders, creditors and regulatory approvals, including from RBI, IRDAI, CCI, SEBI and stock exchanges. The share exchange ratio shall be 42 equity shares, credited as fully paid up, of the face value of Re 1 each of HDFC Bank for every 25 fully paid-up equity shares of the face value of Rs 2 each of HDFC.

As far as market capitalisation is concerned, India's biggest oil-to-chemical (O2C) conglomerate Reliance Industries leads the race. It has a market cap of around Rs 18 lakh crore, followed by Tata Consultancy Services (TCS) at around Rs 12 lakh crore.

In the banking space, HDFC Bank remains the frontrunner with a market cap of Rs 7.64 lakh crore. In the non-banking financial company (NBFC) space, Bajaj Finance leads with a market cap of Rs 3,62,000 crore.