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HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks: HDFC Bank’s share price dropped by two percent, reaching a 52-week low during Wednesday’s intra-day trade. At 1:30 pm, the shares were trading at ₹1369.00 after hitting an all-time low of ₹1,363. The year-to-date decline is 20 percent.
HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks
The day started with HDFC Bank shares opening at ₹1380, lower than the previous day’s close at ₹1,394. The company’s market capitalization is ₹10.39 lakh crore, making it the third most valued company after Reliance Industries and Tata Consultancy Services.
Following negative global cues and higher-than-expected inflation numbers in the US, the Bombay Stock Exchange benchmark Sensex dropped more than 675 points. At 1:34 pm, the BSE index was in the red at 71,206.
To HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks, Last week, HDFC Bank announced regulatory approval from the Reserve Bank of India (RBI) to acquire up to a 9.5 percent stake in six lenders, including ICICI Bank and Axis Bank.
Entities within the HDFC Bank Group include HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company, and others. more about HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks.
In the previous month, HDFC Bank reported a 2.65 percent rise in consolidated net profit, reaching ₹17,258 crore for the October-December period. This is compared to ₹16,811 crore in the preceding September quarter. The bank, which merged mortgage lender parent HDFC into itself in July, reported a standalone net profit of ₹16,372 crore against ₹15,976 crore in the quarter-ago period. Core net interest income grew to ₹28,470 crore, and other income stood at ₹11,140 crore during the quarter.
(Source: PTI)
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