HDFC Bank slips 8% post Q3 results, logs sharpest fall since March 2020

HDFC Bank accounted for nearly 60 per cent of the benchmark S&P BSE Sensex's 1,628-point decline on Wednesday

Growing concerns over slower-than-expected margin recovery, amid weak deposit growth have caught HDFC Bank’s investors off guard.

HDFC Bank’s stock on Wednesday plunged nearly 9 per cent to hit an intraday low of Rs 1,527 on the BSE after reporting weaker-than-expected earnings in the third quarter (October – December) of the current financial year (Q3FY24).

The shares of India's biggest private lender closed at Rs 1,536.9, down 8.46 per cent. Its sharpest fall before Wednesday's session was on March 23, 2020 (Covid period) when it had fallen 12.61 per cent.

HDFC Bank accounted for nearly 60 per cent of the