Why HDFC Bank Stock Tumbled as Sensex, Nifty declined 1% Each

The Indian stock market dipped on January 17, 2024, amid weak global sentiments and profit booking. At 10:45 AM, Sensex fell 1051 points or 1.44 percent while Nifty declined 295 points at the 21737 mark.

Around 733 stocks advanced and 1524 declined while 81 stocks remained unchanged.

Top Nifty50 Gainers

Top Nifty50 Losers

Bank Nifty was the top loser, down over 3 percent dragged by HDFC Bank a day after the bank declared its Q3 earnings.

The share price of HDFC Bank declined over 6 percent in the morning session on January 17, 2024, after disappointing December quarter results.

Also read: Union Bank, GSPL Top 2 Stocks Which Can Give Up To 14% Return

In Q3 FY24, the country’s largest private sector bank recorded a 33 percent YoY increase in net profit, amounting to Rs 16,372 crore, including a one-time tax rate gain. During the same quarter, the bank’s net interest income (NII) saw a 24 percent YoY rise to Rs 28,470 crore.

Meanwhile, the bank’s provisions surged by 50 percent to Rs 4,216 crore.

HDFC Bank witnessed its non-performing assets (NPAs) increase to 1.26 percent in Q3 FY24, up from 1.23 percent in the last fiscal year. However, its net NPA decreased to 0.31 percent from 0.33 percent during this period.

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