India’s SBI Tops Market Value of Tech Giant TCS After 15 Years

State Bank of India — India’s largest state-backed lender — saw its market value surpass that of the country’s top technology firm after a gap of 15 years, signaling investor preference for companies tied closely to domestic economic growth.

Shares of SBI rose 3.4% Wednesday to a record, valuing the lender at $120 billion to surpass Tata Consultancy Services Ltd.’s market value of $116 billion. The information technology bellwether’s stock fell 2.5% in Mumbai trading.