Mumbai/IBNS-CMEDIA: Bharti Airtel has surpassed HDFC Bank to become the second-most valued company in India by market capitalisation (m-cap), media reports said.
The cumulative market capitalisation of Bharti Airtel stood at around Rs. 11.90 lakh crore during intraday trade on Monday.
The telecom giant is now behind only Reliance Industries, whose market capitalisation is over Rs. 18.11 lakh crore.
Airtel shares continue rally
Extending gains for the fourth consecutive trading session, Bharti Airtel shares surged nearly 3 percent during intraday trade on Monday.
The stock has rallied around 11 percent in the last four sessions and has gained roughly 4 percent so far in May.
Rapid rise in market valuation
Bharti Airtel’s steady rally has significantly boosted its market standing in recent months.
In April, after gaining nearly 6 percent, the company had overtaken HDFC Bank to become the fifth-most valued firm in India by m-cap.
The latest surge has now pushed the telecom major to the second position in the country’s corporate valuation rankings.
