HDFC Bank Overtakes Reliance To Become Second-Most Valuable Firm On NSE

HDFC Bank Ltd.’s market capitalisation has crossed Reliance Industries Ltd. (RIL) for the first time in the lender’s history. The stock rose as much as 9.5 percent, after the Reserve Bank of India removed restrictions on foreign investors from purchase of the bank’s shares.

The stock pared gains later in the day after the central bank brought back the cap after foreign shareholding in HDFC Bank crossed the overall limit of 74 percent of its paid-up capital, within hours of the limit being raised last night.

The company added over Rs 54,000 crore on Friday taking its market capitalisation to an all-time high of Rs 3.62 lakh crore, much above RIL’s Rs 3.45 lakh crore.

HDFC Bank has risen 17.7 percent year-to-date compared to RIL’s 1.5 percent decline this year.