Why HDFC Bank Shares Are Slumping Today From 52-Week High

HDFC share price slumped around 2% on Monday just after hitting a new 52-week high of ₹1,715.85.

What Happened: The private sector bank’s consolidated net revenue grew by 20.3% year-over-year ₹34,552.8. The consolidated net profit for the quarter that ended March 31, 2023, was ₹12,594.5 Crore, up 20.6% year-over-year.

The lender’s net interest income (interest earned less interest expended) for the final quarter of FY23
grew by 23.7% YoY to ₹23,351.8 crore. The core net interest margin was at 4.1 % on total assets. The company’s numbers have largely been in line with market estimates.

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Brokerages remained positive on the stock after the results came out. Bernstein maintained its ‘outperform’ rating for the stock with a price target of ₹2,200. UBS maintained its ‘buy’ rating for the stock with a price target of ₹1,900. Both the firm noted that the company’s fourth-quarter numbers were in line with market expectations.

Domestic brokerage firm ICICI Securities also maintained its ‘buy’ rating for the stock and upgraded the price target to ₹1,990 from ₹1,874. Yes Securities, on the other hand, downgraded the stock’s rating to ‘add’ from ‘buy’ with a price target of ₹2,025.

Price Action: HDFC share price was down 2.09% to trade at ₹1,657.90 shortly after the markets opened on Monday.

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Posted In: EarningsNewsAnalyst RatingsMoversTrading IdeasBanking StocksHDFC Bank