Check out the details as Axis Bank surpasses Kotak Mahindra Bank to become India’s fourth-largest lender

On Thursday, Axis Bank surpassed Kotak Mahindra Bank to secure the fourth position as India’s biggest lender based on market capitalization. This event follows a 10% decrease in Kotak Mahindra Bank shares due to RBI limits on credit card issuance and online client onboarding. Conversely, Axis Bank’s stock increased by almost 5% as a consequence of strong Q4 earnings.

As of 11:11 a.m. on April 25, Kotak Mahindra Bank’s market capitalization (mcap) is Rs 3.29 lakh crore, after a 10% decline in its shares. However, after posting a Q4 net profit of Rs 7,129 crore versus a loss of Rs 5,728 crore a year earlier, Axis Bank’s shares surged 4.82 percent, bringing its market capitalization to Rs 3.43 lakh crore.

With a capitalization of Rs 11.5 lakh crore, HDFC Bank was the largest lender in India. ICICI Bank came in second with Rs 7.78 lakh crore, while the State Bank of India came in third with Rs 6.99 lakh crore.

All other lenders, except Kotak Mahindra Bank, saw increases in stock market trade on Thursday.

At 11:21 am on Thursday, Kotak Mahindra Bank shares were down 9.82% on the BSE at Rs 1,662 a share. On the BSE, Axis Bank’s shares, however, surged 5.20 percent to trade at Rs 1,119 each.

The shares of India’s biggest lender, HDFC Bank, were up 0.09 percent at Rs 1,512.3 a share on the BSE, while the shares of ICICI Bank were up 1.24 percent at Rs 1,110.5 per share. On the BSE, SBI’s shares was up at Rs 785.75.

The Reserve Bank of India prohibited Kotak Mahindra Bank on April 24 from issuing new credit cards and from accepting new clients via its mobile and internet banking platforms.

It did state, however, that the bank would keep offering its current clientele, including those who use credit cards, services.

The RBI said that the bank’s persistent inability to respond to serious issues raised by its IT assessment of the bank in 2022 and 2023 in a thorough and timely way made these steps necessary.