New Delhi: State Bank of India, the country’s biggest lender, on 28 September became the first public sector bank to touch a market capitalization of Rs1,00,000 crore.
“We have crossed this milestone for the first time in about 200 years, while doubling the market cap in my tenure (of about 18 months),” SBI chairman O P Bhat told PTI here.
The company’s shares surged to an intra-day high of Rs1,952 in early afternoon trade, giving it a market cap of about Rs1,02,700 crore. The scrip finally settled 3.43% up at Rs1,950.70 on the Bombay Stock Exchange.
“One lakh crore has happened and hopefully, two lakh crore would also happen soon,” he said.
Currently, there are ten companies on the Indian bourses with a market cap of more than Rs100,000 crore, including SBI, which today became the tenth most valued firm.
Earlier yesterday, state-run power equipment maker BHEL had also crossed this milestone in intra-day trade, but later slipped below this level.