ICICI Bank nears HDFC Bank in India's market value race

Business Aug 31, 2026

ICICI Bank is closing in on HDFC Bank to become India's top private lender by market value.

As of Monday, August 31, 2026, the gap between their market caps has shrunk to just ₹49,167 crore: ICICI is now only 4.5% behind HDFC.

HDFC market value drops ₹3,31,827cr

Earlier this year, the gap was a huge ₹4.17 lakh crore.

But after HDFC Bank's chairman resigned over ethical issues in March and its CEO announced he won't continue, investor confidence took a hit.

While HDFC's value dropped by ₹3,31,827 crore since then, ICICI kept growing, bringing the two banks closer than they've been in years.