Indian Overseas Bank becomes the second most-valued public lender

Indian Overseas Bank (IOB) has become the second most-valued listed public sector bank (PSB) with a market capitalisation of over Rs 50,000 crore. As Street discounts privatisation of the state-owned lender, its shares have appreciated nearly 80 per cent on the BSE in the past one month.

On a closing basis, the bank’s market cap was Rs 51,887 crore at the end of trading on Friday, surpassing its peers Punjab National Bank (PNB) and Bank of Baroda (BOB). While IOB crossed BoB on Wednesday, it beat PNB in market value on Thursday, and expanded the lead the next day.

At Friday’s close,