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HDFC is the top brand Business Top Stories 

HDFC is the top brand

India’s second largest private sector bank HDFC Bank topped the list of the country’s top 50 brands according to a report released by marketing and advertising conglomerate WPP Plc and Kantar Millward Brown.

Banks and telcos dominate the listing, WPP’s BrandZ Top 50. Airtel is #2 and State Bank of India, #3.

The highest ranked new entrant on the list is a telco too, Reliance Jio, at #11.

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WPP says demonetisation—the invalidation of old high-value currency notes last year—and the subsequent slowdown in consumption hit packaged consumer goods brands.

Consumption of packaged consumer goods fell 4.2% and 2.4% year on year in November and December 2016 respectively but recovered 0.6% in March this year and 3.9% in April. Still, that was enough to hit the ranking of most packaged consumer goods brands.

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