HDFC Bank has quietly made its way into an exclusive club. On April 22, the bank’s market capitalisation crossed ₹15 trillion for the first time, making it only the third Indian company ever to do so.
The Mumbai-headquartered lender, a heavyweight in major indices such as the Sensex, Nifty and Bank Nifty, has seen a sharp rally in its shares lately — up 11% over the past six sessions. This surge has been a major driver of the recent uptick in broader market benchmarks.
Just a day earlier, ICICI Bank hit a milestone of its own, becoming the fifth Indian company to cross the ₹10-trillion valuation threshold. This means India now has five publicly listed companies with market capitalisations above ₹10 trillion — Reliance Industries (₹17.5 trillion), Tata Consultancy Services (₹12 trillion), Bharti Airtel, HDFC Bank, and ICICI Bank.
Together, these five account for roughly 15% of India’s total market capitalisation, which currently hovers around ₹427.4 trillion — or $5 trillion in dollar terms.
It’s not all upward momentum across the board. Shares of some of these giants, including Reliance Industries and TCS, are still trading well below their peaks — down nearly 20% and 25% respectively. That said, they continue to anchor India's market landscape by sheer scale and investor interest.
While the ₹10-trillion league is exclusive, the ₹5-trillion mark is becoming increasingly common among top-tier Indian companies. The country now boasts 10 firms valued at over ₹5 trillion each — a reflection of both the deepening equity market and investor appetite for blue-chip stocks.
