HDFC Bank shares slip 1% to ₹684.25 after repo hike
Business
HDFC Bank's shares slipped 1% to ₹684.25 on Thursday after the Reserve Bank of India bumped up its repo rate to 5.50%.
The stock started strong at ₹704.05, hit a high of ₹705.80, but cooled off as the morning went on.
Trading was busy, with more people selling than buying, about 83.72 lakh shares changed hands, worth ₹585.41 crore.
HDFC Bank market cap ₹10.72L/cr
Even with this dip, HDFC Bank is still huge, its market cap sits at ₹10.72 lakh crore and its adjusted P/E is 13.52.
Interestingly, big firms like Bernstein are staying optimistic about HDFC Bank and other major banks like ICICI Bank and Axis Bank, pointing to solid credit growth across the sector.
Analysts from Citi and Goldman Sachs think more interest rate hikes could be coming soon as policy shifts continue.