ICICI Bank crosses Rs 5 trilion in mcap; becomes second lender

NEW DELHI: The Industrial Credit and Investment Corporation of India (ICIC) Bank Ltd has crossed ₹5 trillion in market capitalisation on Wednesday as its shares have rushed over 38% this year.

According to the reports, today around 11 am, the scrip was at a record high of  Rs 734 a share, up 2% from its previous close. Meanwhile, its mcap stood at ₹5.10 trillion.

Reports also suggest that the ICICI Bank is the second lender after Housing Development Finance Corporation (HDFC) Bank and seventh Indian firm to achieve this landmark.

According to analysts, ICICI Bank has emerged as a growth leader and with better return ratios and credible management. Also, the valuation gap with HDFC Bank would be narrowed down.

Recently, MD and CEO Sandeep Bakhshi's term has been extended for two years as approved by the Reserve Bank of India (RBI).

The extension is in line with the valid board or shareholder approval for his appointment from October 15, 2018, to October 23, 2023.

Consequently, it should not be seen as a short-term extension by the RBI.

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