Stock market update: HDFC Bank plunges over 2% after 52-week high

NEW DELHI: HDFC Bank went into the reverse and tanked over 2 per cent early Monday.

The slide came after the scrip hit a new 52-week high. The stock opened at Rs 2,154.20 and added nearly 3 per cent to hit the mark.

Market participants are expecting that foreign Institutional Investors (FIIs) may buy up to 4.3 crore shares to increase their stake by 1.68 per cent in the bank. Currently, FIIs hold 72.32 per cent in HDFC Bank, which is under the permissible limit of 74 per cent.


India's leading private sector lender HDFC Bank had posted a 20.27 per cent year-on-year growth in net profit at Rs 4,799.28 crore - its highest ever quarterly profit for the January-March quarter -- driven by stable asset quality.

Analysts in a Reuters poll had estimated a profit of Rs 4,843 crore for the quarter. The bank had posted a net profit of Rs 3,990.09 crore for the same quarter last year.