HDFC Bank shares fall 7 per cent post Q3 earnings; market cap erodes by Rs 72,736 crore

17 January, 2024

Shares of HDFC Bank fell 7 per cent in morning trade on Wednesday after its December quarter earnings failed to impress investors. The stock tanked 6.48 per cent to Rs 1,570 on the BSE and 7 per cent to Rs 1,560 on the NSE. The company's market capitalisation (mcap) also eroded by Rs 72,736 crore to Rs 12,02,004.22 crore in early trade. It was the biggest laggard among the Sensex and Nifty firms. In the broader equity market, the 30-share BSE benchmark Sensex traded 891.66 points lower at 72,237.11, and the Nifty quoted 247.20 points down at 21,785.10. 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 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. Its core net interest income grew to Rs 28,470 crore during the quarter, while the other income stood at Rs 11,140 crore, according to exchange filings. On the asset quality front, it registered an improvement in the gross non-performing assets ratio at 1.26 per cent against 1.34 per cent in the quarter-ago period.

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Source: indiatvnews