Axis Bank Overtakes Kotak Mahindra Bank to Become India's Fourth Most Valued Lender
The last time Axis Bank was valued more than Kotak Bank was in September 2016.
New Delhi: The table turns for Axis Bank, the bank has emerged as the fourth most valued bank in India, overtaking Kotak Mahindra Bank. This happens when Kotak Mahindra Bank has been stopped by RBI to onboard the new customers online due to security concerns and deficient IT infrastructure.
Due to all this incident, Kotak Mahindra Bank's shares plummeted by nearly 12% on Thursday after the RBI imposed restrictions on the bank, barring it from onboarding new customers digitally and issuing fresh credit cards due to identified deficiencies in its IT system.
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The stock's market capitalization eroded by approximately Rs 40,000 crore, leading to a significant drop in its ranking among India's most valued lenders.
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Axis Bank, with a market capitalization of Rs 3.5 lakh crore, surged ahead of Kotak Bank to claim the fourth position in the pecking order of India's most valued lenders, trailing behind HDFC Bank, ICICI Bank, and SBI.
The last time Axis Bank was valued more than Kotak Bank was in September 2016, indicating a noteworthy shift in the banking industry's competitive landscape.
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