Airtel becomes India's 2nd-most valuable company
What's the story
Telecom giant Bharti Airtel has overtaken HDFC Bank to become the second-most valuable company in India by market capitalization. The development was reported on Monday, with Bharti Airtel's market cap standing at ₹11.78 lakh crore, slightly ahead of HDFC Bank's ₹11.74 lakh crore. Reliance Industries remains India's most valuable company with a market cap of over ₹18 lakh crore.
Market trends
Bharti Airtel's shares have outperformed HDFC Bank's this year
The shares of Bharti Airtel have witnessed gains for the fourth consecutive day on Monday. The company's stock has outperformed India's largest private sector lender, HDFC Bank, in terms of returns this year. So far in 2026, Bharti Airtel's shares are down by 8%, while those of HDFC Bank have plunged by a staggering 23%.
Governance issues
HDFC Bank shares plummeted after part-time chairman's resignation
HDFC Bank's shares had plummeted sharply after its part-time Chairman Atanu Chakraborty resigned. However, the management has maintained that there are no governance issues at the lender. The bank's shares are currently trading 0.4% lower at ₹764.5, recovering from earlier lows of the day. Meanwhile, Bharti Airtel's shares are trading at ₹1,946.6 after hitting highs of the day with a gain of 2.1%.
Strategic outlook
Bharti Airtel reported a strong March quarter
For the March quarter, Bharti Airtel's management expressed their commitment to focus on all levers to increase their Average Revenue Per User (ARPU). They see an opportunity in the mobility business driven by premiumization and upgrade to postpaid. Meanwhile, HDFC Bank reported a stable fourth quarter with steady asset quality but continues to underperform due to its Chairman succession plan.