In today’s volatile trading session, the top three private sector banks—ICICI Bank, HDFC Bank, and Axis Bank—suffered significant losses, collectively shedding over ₹76,000 crore in market capitalisation.
- ICICI Bank: The stock fell by 2.45%, closing at ₹1,274.65, with its market cap declining to ₹8,98,080.16 crore. This reflects a sharp loss of market value as the stock tumbled amid the broader market correction.
- HDFC Bank: HDFC Bank saw a 1.18% drop in its share price, closing at ₹1,731.90. Its total market capitalisation dropped to ₹13,21,204.92 crore, marking a substantial decrease for the country’s largest private sector lender.
- Axis Bank: Axis Bank bore the brunt of the sell-off with its stock declining by 3.29%, closing at ₹1,231.30. Its market capitalisation now stands at ₹3,80,872.41 crore, further contributing to the combined market cap erosion among the top private banks.
Combined Market Cap Loss:
The total market capitalisation of the top three private sector banks decreased by ₹76,419.56 crore today, highlighting the severity of the broader sell-off in financial stocks.
The banking sector, which has been under pressure from global macroeconomic concerns and domestic liquidity tightening, contributed significantly to today’s market downturn. These losses reflect ongoing market volatility and investor concerns over potential interest rate hikes and global economic uncertainty.
Disclaimer: Stock market investments are subject to market risks. The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Readers are advised to seek independent financial advice before making any investment decisions.
Data source: Nseindia.com
