The market capitalisation (m-cap) of SBI at the end of Thursday's trade stood at Rs 2,31,049.83 crore. This was Rs 757.42 crore more than ONGC's valuation of Rs 2,30,292.41 crore.
ONGC has been the country's most valued firm across private and public sectors for some time a few years ago when it first toppled RIL from the top of the charts and then also TCS from the pole position.
Shares of SBI on Thursday rose by 0.25 per cent to close at Rs 284.90, while ONGC ended at Rs 179.45, down 0.22 per cent on BSE.
In the top-10 ranking, SBI stands at sixth place and ONGC at the seventh spot.
TCS is the most-valued Indian firm with a market valuation of Rs 4,58,784.59 crore, followed by RIL (Rs 4,45,237.53 crore), HDFC Bank (Rs 3,74,631.37 crore), ITC (Rs 3,39,397.88 crore), HDFC (Rs 2,40,992.68 crore), SBI, ONGC, Infosys (Rs 2,13,076.07 crore), IOC (Rs 2,07,589.94 crore) and HUL (Rs 1,98,276.07 crore).