SBI Becomes India’s Sixth Most Valuable Company

State Bank of India (SBI), the country’s largest public sector bank, has crossed the Rs 10 lakh crore market capitalization milestone for the first time. Following Reliance Industries, HDFC Bank, Bharti Airtel, Tata Consultancy Services, and ICICI Bank, SBI is now the sixth Indian listed company to reach this level. It has also become the second-largest bank in India by market value after HDFC Bank, overtaking ICICI Bank to claim the third spot after a gap of four years. On Tuesday, SBI shares hit an all-time high of Rs 1,153.85 on the BSE, rising nearly 1% during the day before closing slightly lower at Rs 1,144.10, resulting in a market capitalization of Rs 10.56 lakh crore.

SBI shares have gained more than 6% so far this month, and surged over 10% in January, with a 67.5% rise in the past year. The country’s largest institutional investor, LIC, holds a 9.23% stake in SBI. With the bank’s rapid share price appreciation, LIC’s equity holding in SBI has increased by nearly Rs 40,000 crore over the past year, reaching a total value of Rs 98,353 crore.