SBI overtakes ICICI Bank as India's 2nd-largest by market value
SBI has just moved up to become India's second-biggest bank by market value, overtaking ICICI Bank for the January-March 2026 quarter.
While SBI's market cap dipped only a tiny bit (down 0.3% to ₹9,040.47 billion), ICICI took a bigger hit, over 10%.
This shake-up comes as global tensions and big investors pulling out money have been making waves across Indian banks.
Most top Indian banks lose value
Despite the tough environment, SBI was projected to have more resilient net interest margins, something Nomura highlighted in an April 5 report.
Most banks saw their value drop (18 of the top 20), mainly because of Middle East tensions and foreign investors selling off $10.8 billion in Indian stocks by March 18.
IDBI Bank was hit hardest, losing over 40% of its value, while HDFC Bank still leads but also faced a big dip after its part-time chairman stepped down over ethical issues.