HDFC Stock Takes A Beating, Raises Concerns For Other Indian Banks
NDTV
A gauge of the country's top 12 largest banks is set for its worst week since September, erasing nearly $21 billion in market value through Thursday's close.
The outlook has quickly soured for India's $433 billion banking sector after a rare selloff in HDFC Bank Ltd., the country's biggest private sector lender.
A gauge of the country's top 12 largest banks is set for its worst week since September, erasing nearly $21 billion in market value through Thursday's close. Two thirds of that bruising loss came from HDFC Bank, whose quarterly numbers showed falling net interest margins and weaker deposit growth.
India's lenders began 2024 on the back of their best annual gain in US dollar terms in four years. The sector was touted as a top bet alongwith tech stocks in an informal survey of market participants by Bloomberg last month. HDFC Bank's earnings has now raised concern about reports from peers ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Axis Bank Ltd.
