HDFC Bank’s market cap crosses Rs 8 lakh cr mark

The scrip closed 2.5% lower at Rs 1,402.65 apiece, giving it a market value of Rs 7.72 lakh crore. So far this year, HDFC Bank has surged nearly 12%.

HDFC Bank Ltd’s shares in intraday trading touched a record high of Rs 1,464 apiece on BSE, lifting its market capitalisation to Rs 8.02 lakh crore, a first for the lender.

The stock, however, erased all its gains at closing, in line with an overall decline in the stock markets due to profit booking. The scrip closed 2.5% lower at Rs 1,402.65 apiece, giving it a market value of Rs 7.72 lakh crore. So far this year, HDFC Bank has surged nearly 12%. Among analysts covering the stock, 50 have a buy rating, three have a hold rating and one has a sell rating, according to Bloomberg data.

Tata Consultancy Services Ltd and Reliance Industries Ltd were the only two companies to have achieved this landmark so far.