Market Cap Report: Private Banks Trail PSBs in Jul-Sep 2025
Why in the news
Per S&P Global Market Intelligence, private banks did worse than government-owned banks on market value in the July-September 2025 quarter.
Key facts
| Bank | Type | MCAP change |
|---|---|---|
| HDFC Bank | Private | -4.8% |
| ICICI Bank | Private | -6.7% |
| IndusInd Bank | Private | -15.7% |
| SBI | Public | +10% |
| Bank of Baroda | Public | +3.9% |
| Punjab National Bank | Public | +2.1% |
| Canara Bank | Public | +8.3% |
| Indian Bank | Public | +16.7% |
Kotak Mahindra and Axis Bank also fell. IndusInd was hit partly by accounting lapses reported earlier in 2025.
Why the gap
- Private banks: heavier corporate lending, exposed to US tariffs of 50% on Indian goods.
- Public banks: larger retail and rural loan share, plus good monsoon, lower inflation, monetary easing and GST reforms.
Exam angle
- MCAP = share price x outstanding shares.
- Best: Indian Bank; worst: IndusInd Bank.