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HDFC Bank Plunges 4%; BSE BANKEX Index Down 1.2%
Fri, 5 Jul 10:5

HDFC Bank Plunges 4%; BSE BANKEX Index Down 1.2%Image source: Nikada/www.istockphoto.com

HDFC Bank share price has plunged 4% and is presently trading at Rs 1,657.3.

Meanwhile, the BSE BANKEX index is at 59,742.6 (down 1.2%).

Among the top losers in the BSE BANKEX index today are Indusind Bank (down 1.0%) and ICICI Bank (down 0.7%).

Federal Bank (up 1.1%) and IDFC FIRST BANK (up 0.2%) are among the top gainers today.

Over the last one year, HDFC Bank has moved down from Rs 1,719.6 to Rs 1,657.3, registering a loss of Rs 62.3 (down 3.6%).

On the other hand, the BSE BANKEX index has moved up from 50,894.9 to 59,742.6, registering a gain of 17.4% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were SBI (up 43.6%), Federal Bank (up 43.2%) and Bank of Baroda (up 35.6%).

Dear Reader: If You Invest in Midcap Stocks, this is for You

What About the Benchmark Indices?

The BSE Sensex is at 79,550.8 (down 0.6%).

The top losers among the BSE Sensex today are M&M (down 1.9%) and Titan (down 1.8%). The most traded stocks in the BSE Sensex are Tata Steel and HDFC Bank.

In the meantime, NSE Nifty is at 24,187.4 (down 0.5%). M&M and Titan are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 65,205.1 to 79,550.8, registering a gain of 14,345.7 points (up 22.0%).

HDFC Bank Financial Update...

HDFC Bank net profit grew 42.6% YoY to Rs 180,129 million for the quarter ended March 2024, compared to a profit of Rs 126,340 million a year ago. Net sales rose 67.1% to Rs 794,336 million during the period as against Rs 475,483 million in January-March 2023.

For the year ended March 2023, HDFC Bank reported 20.9% increase in net profit to Rs 459,971 million compared to net profit of Rs 380,528 million during FY22. Revenue of the company grew 25.6% to Rs 1,707,541 million during FY23.

The current Price to earnings ratio of HDFC Bank, based on rolling 12 month earnings, stands at 19.3.

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