HDFC Bank dips 5%, nears 52-week low; stock down 10% in one week

The stock has underperformed post management change, more so due to the RBI's embargo on its card/ digital initiatives and Covid-induced disruption.

Shares of HDFC Bank dipped 5 per cent to Rs 1,358 on the BSE in Wednesday’s intra-day trade on the back of persistent selling pressure in financial shares, mainly private institutions.

The stock of private sector lender traded at its lowest level since April 2021. The stock quoted close to its 52-week low of Rs 1,353.10 touched on April 12, 2021. In comparison, the S&P BSE Sensex was down 1.9 per cent at 55,173.

HDFC Bank has underperformed the market by falling 10 per cent in past one week, as compared to 3.5 per cent decline in Sensex.