ONGC once used to be the country's most-valued company in terms of market valuation.
Among the top-10 most valued companies list, SBI is at the fifth position, while ONGC is seventh.
State Bank of India shares ended the day with a mild gain of 0.17 per cent at Rs 290.15, while ONGC fell 1.12 per cent to Rs 181.05 on the Bombay Stock Exchange (BSE).
During Tuesday's sessions, State Bank of India shares rose 2.33 per cent to Rs 296.40 and ONGC lost 1.36 per cent to Rs 180.60.
So far this year, shares of SBI have surged almost 16 per cent while ONGC fallen by over 4 per cent.
IT major Tata Consultancy Services (TCS) is the most-valued Indian company with a market cap of Rs 4,54,902.85 crore, followed by Reliance Industries Limited (Rs 4,45,578.92 crore), HDFC Bank (Rs 3,70,480.05 crore), ITC (Rs 3,38,851.25 crore), State Bank of India, HDFC (Rs 2,35,122.56 crore), ONGC, Infosys (Rs 2,11,870.18 crore), Hindustan Unilever (Rs 1,97,464.44 crore) and Maruti Suzuki India (Rs 1,85,235.49 crore).