IndusInd Bank has dropped out of the top 10 most valuable lenders in India due to a disappointing quarterly performance. The bank's stock price fell by 18%, the largest decline since March 2020, as a result of increased provisions, a decrease in other income, and slower growth in higher-yielding loans.
This decline in stock price led to a one-year low of Rs 1,065 and a market capitalization of Rs 81,000 crore, placing IndusInd Bank in the 12th position among Indian banks. On the other hand, HDFC Bank remains the most valuable lender in India with a market cap of Rs 13.25 lakh crore, followed by ICICI Bank at Rs 8.81 lakh crore and State Bank of India at Rs 6.97 lakh crore.
The rankings of India's banking sector have seen a significant shift, with Canara Bank, IDBI Bank, and Union Bank now entering the top 10.