03 Sep , 2026 By : Debdeep Gupta
HDFC Bank Ltd. is barely holding on to its position as the most influential stock on India’s equity benchmark as a leadership upheaval and governance concerns deepen a selloff.
The country’s most-valuable lender’s weighting in the NSE Nifty 50 Index has shrunk to 9.81%, narrowly ahead of rival ICICI Bank Ltd.’s 9.34%, according to the latest data tracked by Bloomberg. The gap exceeded four percentage points at the start of the year. Reliance Industries Ltd. is currently third with a weighting of slightly above 8%.
HDFC Bank CEO Sashidhar Jagdishan’s surprise decision to step aside when his term ends next month has deepened uncertainty as the lender grapples with questions over its practices, first raised by its former part-time chairman.
Its shares have tumbled 29% so far this year, set for the worst annual performance since 2008, compared to a 4?cline in the Nifty Bank Index. The selloff has erased more than $65 billion from HDFC Bank’s value since its peak last year, leaving it with a market capitalization of about $114.5 billion, according to data compiled by Bloomberg.
ICICI Bank, whose shares have gained about 6% in 2026, is valued at nearly $109 billion.
Both banks are among the world’s most tracked lenders, with about 50 analysts covering each, according to data compiled by Bloomberg. Neither has a sell recommendation.
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