HDFC Bank at record high post-HDFC-merger, among world's top 10 banks by value

MUMBAI, July 03 (Reuters): Shares of India's HDFC Bank hit an all-time high on Monday after it completed its merger with parent Housing Development Finance Corp (HDFC), entering the coveted list of the world's top 10 banks by market capitalisation.
HDFC Bank's shares jumped 3.3 per cent to a record high of 1,757.50 rupees, while HDFC's shares rose 3.7 per cent to 2,927.40 rupees, their highest since April 2022, when the merger was first announced. The $40-billion merger-the biggest in India's corporate history-closed on June 30 to create a financial behemoth that can now underwrite larger ticket loans, including those for infrastructure.
Since the deal was announced, the private lender's shares have risen about 14.5 per cent, while the housing finance company's stock has gained over 17 per cent, both outperforming the roughly 9 per cent rise in the benchmark Nifty 50 index in that period.