Bharti Airtel Surpasses HDFC Bank To Become India's Second Most Valued Company

Bharti Airtel overtook HDFC Bank to become India’s second most valued listed firm by market capitalisation, trailing only Reliance Industries. The shift happened during intraday trade on Monday, 18 May 2026, as Airtel's cumulative market cap rose to ₹11.90 lakh crore, edging past HDFC Bank's ₹11.80 lakh crore. Reliance Industries continues to lead by a wide margin, with a market cap of over ₹18.11 lakh crore.

At market close on 18 May 2026, Bharti Airtel shares rose 1.66% to ₹1,937.10 on the National Stock Exchange.

A Four-Session Rally

Bharti Airtel shares opened at ₹1,909.35 on Monday and climbed as high as ₹1,953.95 during intraday trade on the BSE, up around 2.6% from the previous close of ₹1,904.60. The stock has now risen more than 11% across four straight trading sessions. On a monthly basis, the stock is up nearly 4% so far in May, following a 6% gain in April.

For context, Airtel hit a 52-week low of ₹1,745 on 13 May 2026 and had previously touched a 52-week high of ₹2,174.70 on 21 November last year.

How The Two Stocks Have Compared In 2026

Despite broader market choppiness, Airtel has held up considerably better than HDFC Bank this year. Airtel shares have fallen around 8% year-to-date, while HDFC Bank shares declined almost 23% during the same period. The gap in performance has consistently moved Airtel’s market cap ahead of the private lender’s.

What Is Driving Airtel

Investor confidence around Airtel has remained strong, supported by management commentary on the company’s growth trajectory. During its March quarter earnings call, Airtel's management reaffirmed its focus on improving Average Revenue Per User (ARPU), with premiumisation and a shift toward postpaid services expected to be the key drivers in the mobility segment.

Bharti Enterprises Chairman Sunil Bharti Mittal also laid out a longer-term ownership ambition, saying he expects Bharti Telecom to reclaim a controlling stake of 51% in the business over the next decade, up from just over 40% currently.

Q4 Numbers At A Glance

On 13 May 2026, Airtel reported its March quarter results. Consolidated net profit came in at ₹7,325 crore, up 10.5% quarter-on-quarter but down 33.5% year-on-year. The year-on-year drop was largely a base effect as the year-ago quarter had included a tax credit of ₹2,892 crore. The company also booked a charge of ₹3,161 crore for regulatory and government levies during the quarter.

Also Read - Power Grid Corporation of India Q4 Profit Rises 10% to ₹4,546 Crore Despite Revenue Decline

What's Weighing On HDFC Bank

HDFC Bank posted a steady March quarter performance with stable asset quality, but its stock has stayed under pressure. Investor sentiment weakened after part-time Chairman Atanu Chakraborty stepped down, sparking concerns around succession planning. While the bank’s management has said there are no governance issues, the stock is still struggling to regain momentum.

Sources:

Livemint

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