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


by Sandip Das on 17 January 2024,  4 min read

Why HDFC Bank Stock Tumbled as Sensex, Nifty declined 1% Each - MyDhanush Blogs by Ashika

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

Company Name Last Traded Price (Rs) % Change
Apollo Hospitals 5947.4 0.73
HCL Tech 1566 0.68
TCS 3881.1 0.51
Power Grid 240.15 0.46
Larsen & Toubro 3589.7 0.45

Top Nifty50 Losers

Company Name Last Traded Price (Rs) % Change
HDFC Bank 1571.95 -6.38
Kotak Mahindra Bank 1800.9 -2.55
Tata Steel 134.15 -2.26
Hindalco Industries 567.75 -2.04
Bajaj Auto 7154.9 -1.91

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.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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