Android Market raises maximum app size to 4GB, APK files still limited to 50MB
Please study these links, you will get your answer:
Android APK size limitation in Google Play
http://developer.android.com/google/play/expansion-files.html
http://www.engadget.com/2012/03/05/android-market-4gb-app-limit/
Update (28 Sep 2015)
The Google Play team (ANDROID DEVELOPER BLOG) ::(GOOGLE) update the max size limit. They are increasing the APK file size limit to 100MB from 50MB. This means developers can publish APKs up to 100MB in size,Please refer this link for more information on Android Developer Blog