(Bloomberg) -- Kotak Mahindra Bank Ltd. overtook State Bank of India to become the nation's second-most valuable lender. Shares of the bank, controlled by billionaire Uday Kotak, climbed 1.8 percent to a record on Monday, exceeding SBI's market capitalization of 2.22 trillion rupees ($34 billion) by a whisker. SBI's shares have declined 20 percent this year after it posted a surprise loss in the December quarter and as sentiment soured for government-run banks after a $2 billion fraud was detected at Punjab National Bank.
To contact the reporter on this story: Ravil Shirodkar in Mumbai at rshirodkar@bloomberg.net.
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Jeanette Rodrigues, Shikhar Balwani
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