HDFC Bank Plunges: Stock Hits Annual Bottom as Fears Persist After Earnings

23 Jan 2024 , 12:33 PM

Following Q3 earnings last week, shares of private sector lender HDFC Bank Ltd. extended their losses to a 52-week low in early trade today. After closing at Rs. 1478.65 on the BSE earlier, HDFC Bank shares dropped 3% to reach its annual low of Rs. 1432.95. 

Following the bank’s January 16 announcement of earnings for the quarter ending in December 2023, the stock dropped 10% last week. The 52-week low of Rs 1460.55, which was attained on October 26, 2023, was broken by HDFC Bank shares.

HDFC Bank’s market capitalization dropped to Rs 11.12 lakh crore in the midst of a market rise.

The large-cap stock is currently trading below the 200-day, 150-day, 100-day, and 5-day moving averages.

Many investors are uneasy after the large fall in the heavyweight banking sector following Q3 earnings, which was not anticipated. Here is an outlook for the stock in light of the current drop.

For feedback and suggestions, write to us at [e-mail]