HDFC Bank ADR plummets for 2nd day after quarterly earnings, loses 7.5%

HDFC Bank shares on January 17, after a day of earnings announcement, plummeted 8.44 percent to settle at Rs 1,537.50 on the NSE, in the Indian markets.

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HDFC Bank’s American Depositary Receipts (ADRs) traded sharply lower for yet another session on the NYSE on January 17, after negative opinion by most analysts on the private sector lender’s weak set of numbers for the quarter ended December FY24.

The ADRs were trading at $56.6 apiece on the NYSE, down 7.5 percent at around 22:55 hours IST. This indicates that the following day is also expected to be weak for the share price of the counter in Indian markets on January 18.

In previous session, i.e. January 16, the ADR price was down 6.7 percent at $61.18 apiece.

HDFC Bank shares on January 17, after a day of earnings announcement, plummeted 8.44 percent to settle at Rs 1,537.50 on the NSE, in the Indian markets. The traded volume was significantly higher at 85.07 million on the NSE, against 12.66 million shares traded in the previous session.

Also read: MC Analysis: Top 5 takeaways from HDFC Bank’s Q3 earnings

In fact, it was a severe gap down opening for the stock on Wednesday and formed bearish candlestick pattern with long upper shadow on the daily charts. Further, in a single day, it has broken all short-medium-long term moving averages.

HDFC Bank, being the index heavyweight, was the biggest driver on the downside for the Indian markets as well as Bank Nifty.

The country’s largest private sector lender registered a 2.5 percent sequential growth in net profit at Rs 16,372.54 crore for quarter ended December FY24, partly impacted by higher bad loan provisions.

Net interest income grew by 4 percent sequentially to Rs 28,471 crore during the quarter, with core net interest margin at 3.4 percent on total assets, and 3.6 percent based on interest earning assets.

Asset quality improved with the gross non-performing assets falling 8 bps sequentially to 1.26 percent and net NPA declining 4 bps QoQ to 0.31 percent in Q3FY24.

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