HDFC Bank stock slides over 8%, erasing ₹1L/cr market value
Business
HDFC Bank's stock has slid over 8% in just three days, mostly because investors are worried about its shrinking net interest margins (NIM).
By Wednesday, shares closed at ₹753.15 on the BSE, knocking a massive ₹1 lakh crore off the bank's market value.
HDFC Bank NIM at 3.26%
Even after this dip, HDFC Bank is still India's third most valuable company, behind Bharti Airtel and Reliance Industries.
The latest quarterly results showed only a 5% rise in profit to ₹19,060 crore, but both total income and operating profit fell compared to last year.
With NIM at just 3.26%, it's clear the bank is feeling some margin pressure right now.