HDFC Bank, the country’s largest private lender, has seen the biggest fall in its stock. Due to profit booking, HDFC Bank’s stock fell by about 3.50 per cent on Tuesday. Due to selling pressure, the bank’s market capitalisation fell by Rs 42,205.92 crore. The reason for the stock’s fall is probably the inflow of less funds (passive funds) than expected due to recent changes in the MSCI (Morgan Stanley Capital International) index.
Big drop in stocks
Shares of HDFC Bank, the largest private sector bank on BSE, closed at Rs 1,603.60 down 3.46 per cent. At one point during trading, it had fallen 3.60 per cent to Rs 1,601.20. It closed at Rs 1,603.20 down 3.42 per cent on NSE. Vinod Nair, head of research at Geojit Financial Services, said HDFC Bank’s fall was due to lower-than-expected passive fund inflows due to recent changes in the MSCI index.
How much return in 6 months?
What is special is that in the last six months, HDFC Bank shares have given investors a return of 15 percent. This means that the company’s shares have seen an increase of approximately Rs 210 during this period. While in the current year, the company’s shares have fallen by 5.71 percent. HDFC Bank shares have remained stable in the last year. The company’s shares have seen a fall of 1.14 percent in about a month.
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How much damage was done
Due to the stock market crash on Tuesday, there has been a huge drop in the market capitalisation of HDFC Bank. The market cap of the country’s largest private lender has reached Rs 12,21,541.23 crore on BSE. While a day earlier, the company’s market cap was Rs 12,63,747.15 crore. This means that the market cap of HDFC Bank has seen a decline of Rs 42,205.92 crore. Among the 30 Sensex stocks, HDFC Bank was the biggest loser. If experts are to be believed, the bank stocks might see further declines in the coming days.
