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Shares of ICICI Bank Ltd have crossed the 5 trillion market capitalization (m-cap) mark after surging over 35% so far this year.

At closing on Wednesday, the scrip settled at 719.20 a share on the BSE, up 0.05% from its previous close with its market cap marginally below 5 trillion. Earlier its m-cap surged 5.10 trillion in intraday with the stock hitting a record high of 734.85 a share.

This is the second lender after HDFC Bank and seventh Indian firm to achieve this milestone, the others being Reliance Industries, Tata Consultancy Services, HDFC Bank, HDFC Ltd, Hindustan Unilever Ltd and Infosys Ltd.

Analysts said ICICI Bank has emerged as a growth leader and with better return ratios and credible management, it will be able to narrow down the valuation gap with peers like HDFC Bank.

Recently, the Reserve Bank of India (RBI) has approved the extension of managing director and chief executive Sandeep Bakhshi’s term for two years.

RBI’s term extension for two years, instead of the general practice of a three-year extension, is in line with the valid board/shareholder approval of his appointment for a five-year period from 15 October 2018, to 23 October 2023. Thus, it should not be seen as a short-term extension by RBI, as is the case with RBL Bank and DCB Bank, said analysts.

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