May 19: Bharti Airtel Ltd has surpassed HDFC Bank Ltd to become the second most valuable company in India by market capitalisation, behind only Reliance Industries Ltd, marking a notable shift in the country’s equity market leadership.
On Monday, Bharti Airtel’s market capitalisation rose to around ₹11.90 trillion intraday, slightly ahead of HDFC Bank’s valuation of about ₹11.80 trillion. Reliance Industries continues to hold the top position with a market value exceeding ₹18.11 trillion.
The telecom major’s rise was supported by a strong rally in its share price, which gained nearly 3% during intraday trade. The stock opened at ₹1,909.35 against its previous close of ₹1,904.60 and touched an intraday high of ₹1,953.95, extending gains for the fourth straight session.
Bharti Airtel has surged more than 11% over the past four trading sessions and is up nearly 4% in May, following a 6% gain in April.
In comparison, HDFC Bank shares have remained largely flat in May after rising about 5.49% in April, reflecting relatively subdued momentum.
The telecom stock had earlier seen significant volatility, hitting a 52-week low of ₹1,745 on May 13, while previously reaching a 52-week high of ₹2,174.70 in November last year.
The latest change in rankings highlights shifting investor preference within India’s large-cap space, with telecom emerging as a key driver of recent market gains.