Bharti Airtel surpasses HDFC Bank to become India's second-most valued company

Telecom service provider Bharti Airtel Ltd. has surpassed HDFC Bank Ltd. to become the second-most valued company in India by market capitalization on Monday, May 18.

As of 11:15 AM, Bharti Airtel has a market capitalization of ₹11.78 lakh crore, surpassing HDFC Bank, whose current market capitalization stands at ₹11.74 lakh crore.

Reliance Industries continues to remain the most valued Indian company in market capitalization terms, at ₹18.08 lakh crore.

Bharti Airtel Outperforms HDFC Bank

Shares of Bharti Airtel are trading with gains for the fourth straight day on Monday. The stock has outperformed India's largest private sector lender this year in terms of returns.

Bharti Airtel shares are down 8% so far in 2026, while those of HDFC Bank are down 23%.

Bharti Airtel In Q4

For the March quarter, Bharti Airtel's management said that they are now determined to double down on all levers with regards to boosting their Average Revenue Per User (ARPU), adding that they see an opportunity in the mobility business led by premiumization and upgradation to postpaid.

Sunil Bharti Mittal also said that over the next decade, he aspires to see Bharti Telecom to get back to a controlling shareholding of 51%, from just over 40% that they currently hold.

HDFC Bank In Q4

HDFC Bank reported a stable fourth quarter with stable asset quality, but the stock continues to underperform due to the Chairman succession plan.

Shares of HDFC Bank had seen a sharp decline after its part-time Chairman Atanu Chakraborty had resigned. The management has continued to reiterate that there are no governance issues at the lender.

Shares of Bharti Airtel are now at the highs of the day, currently trading 2.1% higher at ₹1,946.6. HDFC bank shares are also recovering from the lows of the day, currently trading 0.4% lower at ₹764.5.