HDFC drops on profit taking after 3-day 12.4% rally

Housing Development Finance Corporation lost 4.58% to Rs 702 at 15:12 IST on BSE, with the stock sliding on profit booking after 3-day 12.47% rally.

Meanwhile, the S&P BSE Sensex was down 660.11 points or 3.5% at 18,226.02.

On BSE, 3.72 lakh shares were traded in the counter as against average daily volume of 2.72 lakh shares in the past one quarter.

The stock hit a high of Rs 745 and a low of Rs 698.20 so far during the day. The stock had hit a 52-week low of Rs 632.30 on 28 August 2013. The stock had hit a record high of Rs 931 on 30 May 2013.

The stock had underperformed the market over the past one month till 2 September 2013, sliding 8.91% compared with the Sensex's 1.45% fall. The scrip had also underperformed the market in past one quarter, declining 17.36% as against Sensex's 4.42% fall.

The large-cap company has equity capital of Rs 311.08 crore. Face value per share is Rs 2.

Shares of Housing Development Finance Corporation (HDFC) had rallied 12.47% in three trading sessions to settle at Rs 735.70 on Monday, 2 September 2013, from a recent low of Rs 654.10 on 28 August 2013.

HDFC's net profit rose 17.1% to Rs 1173.10 crore on 12.6% growth in total income to Rs 5564.94 crore in Q1 June 2013 over Q1 June 2012.

HDFC has a wide network of offices catering to over 2,400 towns and cities spread across the country. It also has offices in Dubai, London and Singapore and service associates in the Middle East region, to provide housing loans and property advisory services to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).

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