HDFC Bank Share Price: A Rollercoaster Ride for Investors! 🎢📈
HDFC Bank, the largest private sector bank in the country, witnessed a significant drop in its share price on Wednesday. This came as a shock to investors, as the second most valuable stock in the market took a big hit. The bank’s share closed at Rs. 1,536.90, down by 8.46 points in the Mumbai stock market. This is the biggest drop in HDFC Bank’s share price in the past three years, giving investors a tough time. The bank’s market cap stood at a whopping Rs. 11.67 billion during this period.
Previously, on March 23, 2020, HDFC Bank experienced a 12.7% decline in its share price. The bank had released its quarterly results on Tuesday, which received a negative response from the market. Several brokerage companies had already reduced their target prices after the announcement of the quarterly results. On Thursday, the share was trading at Rs. 1,496, with a 2.73% drop.
In the third quarter, HDFC Bank’s net profit increased by 34% to Rs. 16,373 crore compared to the same period last year. However, the bank’s NIM (Net Interest Margin) remained at 3.7%, which is on par with the previous quarter. After the results, the target price for HDFC Bank’s share was increased from Rs. 2,100 to Rs. 2,000. In the past two years, the bank’s share has only seen a 1% growth, while Sensex witnessed a 17-fold increase.
It’s worth mentioning that HDFC Bank had merged with HDFC Limited last year. The bank had released its quarterly results after the market closed on Tuesday. Compared to the December quarter of the previous year, the bank’s net profit increased by 34% to Rs. 16,372.54 crore. The net interest income of the bank also saw a significant rise of 24%, reaching Rs. 28,471.34 crore. This represents a growth of 2.5% in profit and 4% in net interest income compared to the previous quarter.
HDFC Bank holds the third position in terms of market value, following Reliance Industries by Mukesh Ambani and Tata Sons by TCS. With this recent development, investors are eagerly watching the bank’s next move and how it will regain its position in the market.
Exciting times lie ahead for HDFC Bank, as it navigates through this rollercoaster ride of share prices. Investors are advised to stay tuned and carefully monitor the bank’s performance in the coming months. 📊💼
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