Shares of the largest private bank HDFC fell 8 percent yesterday after it released its third quarter results the day before yesterday. Also, the bank lost Rs 1 lakh crore in its market value.
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| HDFC Bank, |
Why did HDFC Bank crash today
The bank's shares fell by 12.70 percent during the Corona period in 2020. This is the maximum decline since then.
HDFC Bank merged with its parent company HDFC Bank last July.
In this case, the past The consolidated results for the December quarter were released yesterday by HDFC Bank.
The consolidated net profit of the bank in December compared to last September quarter was H. It reported an increase of 2.65 per cent from Rs 17,258 crore previously, while standalone net profit rose 2.48 per cent to Rs 16,372 crore.
This does not bode well for stock market traders. Following this, the bank's share price fell by 8.46 percent to Rs 1,537 at the end of trading hours yesterday on the Mumbai Stock Exchange. The stock fell 8.15 percent to Rs 1,542 on the National Stock Exchange.
Also, the bank's market capitalization also fell by nearly Rs 1.08 lakh crore to Rs 11.68 lakh crore. Market analysts said stocks also fell on concerns about a slowdown in bank deposit-growth.
LIC at the top
LIC has overtaken SBI to become the country's largest public sector company by market value. As the stock price of LIC has been on the rise for the past few weeks, the company has now reached this milestone.
While SBI's market capitalization stood at Rs 5.63 lakh crore at the opening of trading hours yesterday, LIC's market capitalization reached Rs 5.64 lakh crore. According to market sources, LIC's share price and market value have started to increase due to the 'Jeevan Utsav' insurance plan launched by LIC last November.