Billionaire Kotak's Bank Pips SBI for India Second Spot: Chart

(Bloomberg) -- Kotak Mahindra Bank Ltd. overtook State Bank of India to become the nation’s second-most valuable lender. Shares of the bank, controlled by billionaire Uday Kotak, climbed 1.8 percent to a record on Monday, exceeding SBI’s market capitalization of 2.22 trillion rupees ($34 billion) by a whisker. SBI’s shares have declined 20 percent this year after it posted a surprise loss in the December quarter and as sentiment soured for government-run banks after a $2 billion fraud was detected at Punjab National Bank.

©2018 Bloomberg L.P.