September 20, 2023
HDFC Bank, one of India's top private banks, saw a sharp 3% decline in its share price during early BSE trading. This drop came after analysts had a mixed outlook following the bank's recent meeting with analysts and institutional investors. The stock kicked off the day at Rs 1,599 and experienced a 3.31% drop, reaching Rs 1,575.15 from its previous closing value of Rs 1,629.05.
This fall in HDFC Bank's shares on this day made it the leading loser on both the Nifty 50 and Sensex indices. This slide was prompted by HDFC Bank revealing that its recent merger with HDFC Ltd could impact vital financial indicators. This particular day marked the steepest single-day decline in four months, making it the most significant since May. Moreover, Nomura, a brokerage firm, downgraded the stock to neutral and revised its price target down, further affecting the bank's market position.