HDFC Bank shares were among the top laggards on the benchmark indexes Sensex and NiftyHDFC Bank shares fell more than 3 per cent on Monday to their lowest level recorded since May 16, after the private sector lender reported its earnings for the quarter ended June 30.
On the Bombay Stock Exchange (BSE), the HDFC Bank stock openedat Rs2,353.00 apiece, down0.97 per cent compared to its previous close of Rs2,375.95, and fell to as much as Rs2,301.00 in the first hour of trade.
That marked an intraday decline of3.15 per cent for the HDFC Bank shares.HDFC Bank shares were among the top laggards on the benchmark indexes Sensex and Nifty.On the National Stock Exchange (NSE), HDFC Bank shares declined3.14 per cent to hit an intraday low of Rs 2,301.00 apiece, compared to their previous close of Rs 2,375.65.In a regulatory filing on Saturday, July 20, HDFC Bank reported a net profit of Rs5,568 crore for the April-June period, up 21 per cent on a year-on-year basis.
The net profit of the largest private sector lender in the country was in line with analysts' estimates.However, HDFC Bank said its gross non-performing assets (NPAs) increased23.38 per cent to Rs11,768.95 crore in the quarter ended June 30, compared with the corresponding three-month period a year ago.
Net NPAs rose22.71 per cent to Rs3,567.18 crore.The bank's gross NPAs as a percentage of total advances - a measure of asset quality - stood at 1.40 per cent, as against 1.36 in the previous quarter.
Net NPAsrose to0.43 per cent in April-June, from 0.39 per cent in the previous quarter.At 10:00 am, the HDFC Bank stock traded2.82 per cent lower at Rs 2,308.85 apiece on the BSE, underperforming the benchmark Sensex index which was down 0.70 per cent.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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