Mining giant BHP Billiton Limited (ASX: BHP) has slipped behind Westpac Banking Corp (ASX: WBC) as the second largest stock on the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO).
Westpac possesses a market capitalisation just under $103 billion with its shares trading at $32.73, while tens of billions of dollars have been wiped from the value of BHP Billiton as a result of the commodities crisis. With iron ore, oil, copper and coal (BHP's "four pillar" commodities) all trading at multi-year lows, BHP has lost nearly one third of its value since August. Its Australian shares are now valued at around $87 billion.
With its shares trading within 5% of an all-time high, Commonwealth Bank of Australia (ASX: CBA) retains its ranking as Australia's largest company by market capitalisation at around $138 billion.
