HDFC Bank beats Infosys as third most valued firm

NEW DELHI: Private lender HDFC Bank pipped IT major Infosys to become the third most-valued company on the D-Street during Tuesday’s session.

A fall in the shares of Infosys in the past few sessions has led to an erosion in the market cap of the second-most valued IT firm.

The IT stock fell around 4 per cent in Tuesday’s trade and was commanding a market capitalisation of Rs 2,53,870 crore. This was much lower than HDFC Bank’s market value of Rs 2,58,482 crore.

At 11 am, HDFC Bank was trading 1.38 per cent lower at Rs 1,022.85.

In the previous session, the market value of Infosys stood at Rs 2.63 lakh crore against HDFC Bank’s Rs 2.62 lakh crore. (See chart)






IT giant TCS remained the numero uno with a m-cap of Rs 4.66 lakh crore, followed by oil refiner Reliance Industries, which commands a market value of Rs 3.11 crore.

Infosys had displaced HDFC Bank as the third most-valued firm on January 28. HDFC has fallen 0.9 per cent since then in comparison with a 2.3 per cent fall in Infosys' shares.

US-based Cognizant’s slowest revenue growth forecast in 14 years and an overnight fall in American depository receipts (ADRs) were weighing heavy on the IT stocks. Banking stocks, especially private lenders, on the other hand, were performing more or less in line with the market.