TIL Desk/Business/New Delhi/ HDFC Bank, on Thursday, became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services.
At the close of trade, HDFC Bank, which recently completed the merger of its mortgage financier parent HDFC into itself, commanded a market capitalisation (mcap) of Rs 12,72,718.60 crore, which was Rs 5,826.95 crore more than TCS’ Rs 12,66,891.65 crore valuation on the BSE.
Shares of HDFC Bank ended at Rs 1,688.50 apiece, up 0.22 per cent on the BSE. During the day, it climbed 0.36 per cent to Rs 1,690.95.
However, shares of TCS dipped 0.25 per cent to end at Rs 3,462.35 each. During the day, it fell 1 per cent to Rs 3,436. HDFC, the parent of HDFC Bank, merged into the lender on July 1.
The $40 billion merger, the largest such deal in the Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.
