HDFC Bank tumbles 9% post-Q3 results; whats hurting the sentiment?
HDFC Bank results, HDFC Bank share price today, HDFC Bank share price target: HDFC Bank, the countrys largest private sector lender, reported a standalone net profit of Rs 16,372.5 crore for the October-December period (Q3 FY24), in line with Street estimates.
HDFC Bank results, HDFC Bank share price today, HDFC Bank share price target: HDFC Bank shares on Wednesday, January 17, took a heavy beating in the opening deals and were the biggest contributor to the market's sharp decline, a day after the banking behemoth posted flat margins for the second consecutive quarter. Moreover, concerns over the loan-to-deposit ratio grew in its financial results for the quarter ended December 31, 2023 (Q3 FY24).
The HDFC Bank stock declined by as much as nine per cent, to Rs 1,528.4 apiece on NSE during the session. The counter settled as the Nifty 50's top loser, down by Rs 137 or 8.16 per cent at 1,542.15 on NSE. The country's largest private sector lender reported a standalone net profit of Rs 16,372.5 crore for the October–December period, in line with Street estimates.
The lender's quarterly net profit increased by 33.5 per cent on a year-on-year (YoY) basis, according to a regulatory filing. HDFC Bank said its net interest income (NII)—or the difference between interest earned and interest paid—grew 23.9 per cent to Rs 28,470 crore for the three-month period.
Read more on HDFC Bank Q3 results
HDFC Bank Q3 results review
Zee Business Managing Editor Anil Singhvi has a 'sell' call on HDFC Bank futures with a stop loss of Rs 1,700 for targets of Rs 1,640, Rs 1,615, and Rs 1,590. He highlights the following key points:
- Extremely weak performance
- Short only if the stock doesn't make a big gap-down opening;
- The loan-to-deposit ratio is a big concern for the market.
HDFC Bank share price target 2024: Should you buy, sell or hold?
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