HDFC Bank Stock Plunges 12% in 3 Days: Investors Desert Counter

New Delhi, Jan 19 (PTI) Shares of HDFC Bank fell for the third day in a row on Friday, tumbling over 12 per cent, with its market capitalisation (mcap) eroding by Rs 1.58 lakh crore.

Investors continued to desert the counter after the company's December quarter earnings failed to impress the market.

The stock declined 1.08 per cent to settle at Rs 1,470.70 on the BSE. During the day, it fell by 1.19 per cent to Rs 1,469.

On the NSE, it fell 0.75 per cent to Rs 1,474.90.

In three days, the stock tumbled 12.40 per cent, wiping out Rs 1,58,113.49 crore from its market valuation. The company's market valuation on Friday stood at Rs 11,16,626.73 crore.

Shares of HDFC Bank fell over 8 per cent on Wednesday and declined over 3 per cent on Thursday.

HDFC Bank, on Tuesday, reported a 2.65 per cent rise in consolidated net profit of Rs 17,258 crore for the October-December period against Rs 16,811 crore in the preceding September quarter.

The largest private sector lender, which merged mortgage lender parent HDFC into itself in July, reported a net profit of Rs 16,372 crore against Rs 15,976 crore in the quarter-ago period on a standalone basis.

Its core net interest income grew to Rs 28,470 crore during the quarter, while the other income stood at Rs 11,140 crore.