HDFC Bank scrip tanks 11% in 2 days
Mcap erodes by Rs1.45 lakh cr
image for illustrative purpose
New Delhi: Shares of HDFC Bank extended their previous day’s decline, falling more than 11 per cent in two days, after the company’s December quarter earnings failed to impress investors.
The stock fell by 3.26 per cent to settle at Rs1,486.80 apiece on the BSE on Thursday. During the day, it lost 3.70 per cent to Rs1,480. On the NSE, it declined 3 per cent to Rs1,490. In two days, the stock has slumped 11.44 per cent. During this time, the company’s market capitalisation (mcap) eroded by Rs1,45,889.59 crore. Its market valuation stood at Rs 11,28,850.63 crore on Thursday.
The stock was the biggest drag among the 30-share BSE Sensex firms. The 30-share BSE Sensex fell 313.90 points or 0.44 per cent to settle at 71,186.86, and the Nifty declined 109.70 points or 0.51 per cent to 21,462.25. Shares of HDFC Bank fell by over 8 per cent on Wednesday. HDFC Bank on Tuesday reported a 2.65 per cent rise in consolidated net profit of Rs 17,258 crore for the October-December period against Rs 16,811 crore in the preceding September quarter.
The largest private sector lender, which merged mortgage lender parent HDFC into itself in July, reported a net profit of Rs 16,372 crore against Rs 15,976 crore in the quarter-ago period on a standalone basis. “HDFC Bank reported a mixed quarter,” according to a report by Motilal Oswal Research.
