Axis Bank — the fourth largest private lender by market capitalisation — has seen its valuation gap with the largest lender HDFC Bank narrowing of late. According to Bloomberg data, the stock of Axis Bank is currently trading at 2-times its one year forward book value, which is a discount of 12% to HDFC Bank’s valuation.The 12-month price to book of HDFC Bank stood at 2.3 times as of Friday’s close. Interestingly, the valuation gap between the two was as high as 60% about three years ago, and the same stood at 39% on average over the last five years.The latest rout in HDFC Bank shares has seen the bank losing nearly ₹1.6 lakh crore in market capitalisation. The slide in HDFC…
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Axis Bank’s valuation gap with HDFC Bank narrows to the lowest: CNBC-TV18 Edge
