Yes Bank recorded the most substantial percentage surge in market capitalization among Indian banks in the quarter concluding on December 31, 2023. The market capitalization of the bank witnessed a notable 24.4 percent increase, reaching Rs 616.94 billion from October to December. This significant growth propelled Yes Bank to advance two positions, securing the 14th position in the ranking of the top 20 Indian banks by market capitalization, as reported by S&P Global Market Intelligence data and analysis.

Punjab National Bank closely followed Yes Bank in terms of market capitalization percentage growth, achieving a quarterly increase of 19.4 percent, reaching 1.054 trillion in the three months concluding on December 31, 2023. This advancement allowed Punjab National Bank to climb one position from the previous quarter, securing the eighth position on the top 20 list, which was led by HDFC Bank Ltd. In the October-to-December quarter, a total of 14 out of the 20 largest banks in India reported gains in market capitalization, with eight of them experiencing double-digit increases, according to data from S&P Global Market Intelligence.

The top seven Indian banks maintained their market cap rankings during the quarter, with HDFC Bank Ltd. solidifying its position as the largest Indian lender. ICICI Bank Ltd. retained its second spot in the market cap ranking, while the State Bank of India, the largest Indian lender by assets, secured the third position in terms of market capitalization. However, some state-owned lenders witnessed declines in their market cap during the quarter, including UCO Bank with an 8.7 percent decrease and Indian Overseas Bank with a 7.4 percent drop, according to data from S&P Global Market Intelligence.