HDFC advances over 3% as Q4 nos beat Street expectations, pares gains later

The mortage lender on Monday reported a 22 per cent decline in net profit at Rs 2,233 crore in the fourth quarter, compared to Rs 2,862 crore in the year-ago period.

Shares of HDFC gained 3.4 per cent in the morning trade, to Rs 1,568, on the BSE on Tuesday after the housing financier's March quarter results beat analysts' expectations. The stock, however, erased all the gains and hit an intra-day low of Rs 1,486.45, down 2 per cent. At 3:05 pm, the stock was trading 1.09 per cent lower at Rs 1,500 apiece on the BSE, as against a 0.23 per cent, or 70 points, decline in the benchmark S&P BSE Sensex.

The mortage lender on Monday reported a 22 per cent decline in net profit at Rs 2,233 crore