HDFC Bank shares tank 7% after Q3 results disappoint investors

The HDFC Bank ADR, the US-listed shares of the bank, tanked 6.7 percent on the NYSE to $61 in the biggest single-day drop since April 2022

Lovisha Darad

January 17, 2024 / 12:02 IST

In the past one year, the stock of HDFC Bank has gained over 5 percent

26 Aug, 2025 12:21

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Shares of HDFC Bank extended losses in noon trade, falling over 7 percent on January 17 following a 7 percent slump in the US-listed ADRs overnight, after the bank's October-December quarter results – while meeting expectations on headline numbers – disappointed investors who looked under the hood.

India's largest private sector bank's net profit rose 33 percent year-on-year (YoY) to Rs 16,372 crore in Q3FY24, which was near expectations; but it included a one-time tax rate gain. HDFC Bank's net interest income (NII) grew 24 percent on-year to Rs 28,470 crore during the quarter, falling below street estimates. On the other hand, provisions rose as much as much 50 percent to Rs 4,216 crore.

On January 16, the HDFC Bank shares ended marginally higher at Rs 1,678 each before the Q3 results were announced, as against a 0.2 percent fall in the benchmark Sensex. However, after the Q3 results, the HDFC Bank ADR, the US-listed shares of the bank, tanked 6.7 percent on the NYSE to $61 in the biggest single-day drop since April 2022.

Also read: HDFC Bank, Reliance, Bajaj Finance in fray to be India's first trillion-dollar company by 2032

As HDFC Bank commands over 14 percent weightage on the Nifty 50 index, which is the highest among the constituents, any weakness could impact the performance of the overall benchmark as well.