HDFC Bank share price declined by two per cent to slump to 52-week low in intra day trade on Wednesday. The shares of the private lender were trading at ₹1369.00 at 1:30 pm after hitting an all-time low of ₹1,363. The shares have dropped by 20 per cent in this year so far.
The shares of HDFC Bank had opened at ₹1380, lower than the previous day’s close of ₹1,394. The market capitalisation of the company stood at ₹10.39 lakh crore. HDFC Bank is the third most valued company in terms of market capitalisation after Reliance Industries and Tata Consultancy Services.
Earlier in the day, the Bombay Stock Exchange benchmark Sensex tanked by more than 675 points tracking negative cues in the global market as higher than expected inflation numbers in the US hit investor sentiments. At 1:34 pm, the BSE index was trading in red at 71,206.
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Last week, HDFC Bank said in a regulatory filing that it had received Reserve Bank of India (RBI) approval to acquire up to 9.5 per cent stake each in six lenders, including ICICI Bank and Axis Bank.
Entities under HDFC Bank Group are HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company and others.
“The approvals were granted pursuant to applications made by HDFC Bank (as a promoter/ sponsor of the Group) to RBI on December 18, 2023,” the lender said in a regulatory filing.
Last month, HDFC Bank reported a 2.65 per cent rise in consolidated net profit of ₹17,258 crore for the October-December period against ₹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 ₹16,372 crore against ₹15,976 crore in the quarter-ago period on a standalone basis.
Its core net interest income grew to ₹28,470 crore during the quarter, while the other income stood at ₹11,140 crore, according to exchange filings,PTI reported.