HDFC Bank shares edge lower ahead of Q2 results; here is what to expect

HDFC Bank Q2 results 2023, HDFC Bank share price NSE: HDFC Bank shares traded in the red on Wednesday, October 16 ahead of its second-quarter results (Q2FY24), due later in the day. The country's largest private sector lender is slated to report its financial results for the July- September period today. The HDFC Bank stock declined by as much as nearly 1 per cent, to hit the day's low of Rs 1,520.5 apiece on BSE, amid declines in domestic equity benchmarks Nifty 50 and Sensex. The counter ended 0.24 per cent or Rs 3.75 lower at Rs 1,532 on NSE.

HDFC Bank Q2 results 2023 today: Here is what to expect

HDFC Bank registered a strong quarterly business update last week. HDFC Bank said its total deposits grew 18.2 per cent on a year-on-year basis to Rs 21,73,000 crore in the quarter ended September 30. Its gross advances aggregated to Rs 23,54,500 crore, marking an increase of 57.7 per cent compared with the year-ago period. As per HDFC Bank's internal business classification, its domestic retail loans expanded by 111.5 per cent on a year-on-year basis. Read more

Add Zee Business as a Preferred Source

Here's how the counter moved on Monday, October 16:

Source: NSE

HDFC Bank-HDFC merger

The HDFC Bank-HDFC merger, worth about $40 billion, was the largest in the country's corporate history. The mega-merger helped HDFC Bank enter the club of the world's top five lenders in terms of market valuation.

HDFC Bank shares: Past performance

HDFC Bank shares have lost nearly 6 per cent of their value in 2023 so far, in contrast to a nearly 9 per cent rise in the headline Nifty50 index.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.