HDFC Bank share price hits 52-week low, down 20% in 2024 so far
₹1,363.45 on the BSE. HDFC Bank share price opened at ₹1,380.90 against the previous close of ₹1,394 and cracked over 2 per cent to the 52-week low level. The stock has been under strong selling pressure this year.
At the current market price of ₹1,363.45, HDFC Bank share price has fallen by over 20 per cent in the calendar year 2024 so far. Most of this loss occurred after the lender's December quarter earnings. Also Read: HDFC Bank raises $300 million via maiden sustainable finance bond issue India’s largest private sector lender reported a net profit growth of 33 per cent year-on-year (YoY) to ₹16,372 crore in the third quarter of FY24.
The bank’s net interest income (NII) in Q3FY24 rose 24 per cent YoY to ₹28,470 crore. The bank recorded loan growth of 4 per cent QoQ while deposits grew 2 per cent. Its Liquidity Cover Ratio (LCR) fell to 109.8 per cent from 120 per cent QoQ due to a drawdown of liquid assets to fund loan growth.
The bank’s loan-to-deposit ratio (LDR) rose from 108.4 per cent to 110.5 per cent QoQ. The LDR for standalone HDFC Bank was 89 per cent in Q3FY24 versus 85 per cent in Q1FY24. Also Read: HDFC Bank Q3 results: From HDB Financial IPO to distribution network - 5 important things to know from management call Analysts believe the stock could be accumulated at the current juncture for the long term.
Foram Chheda, CMT, and the founder of ChartAnalytics.co.in observed that after forming a top near ₹1,720 last year in December, the stock price of HDFC Bank witnessed a steep corrective decline that has taken it to a new 52-week low today. This certainly highlights a very weak underlying trend. However, Chheda added that the stock has now entered the oversold zone.
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