HDFC Bank shares jumped on Monday but gave up all of the day's gains in afternoon amid a broad selloff, after the private sector banking major announced its earnings for the quarter ended March 31. HDFC Bank share price rose as much as 1.74 per cent to hit an intraday high of Rs 2,330.00 apiece on the Bombay Stock Exchange (BSE), before turning negative in afternoon trade. On the National Stock Exchange, the HDFC Bank share price rose 1.37 per cent during the session, after the lender announced a record net profit of Rs 5,885 crore for the last quarter of 2018-19.
In afternoon trade, the HDFC Bank share price declined as much as 1.42 per cent to Rs 2,261.00 apiece on the National Stock Exchange, compared with its previous close of Rs 2,293.65. On the BSE, the stock dropped to an intraday low of Rs 2,268.55 apiece in late afternoon deals, marking a loss of 0.94 per cent from its previous close of Rs 2,290.15.
The Q4 net profit of the country's largest bank by market value grew 22.6 per cent compared to the corresponding period a year ago. HDFC Bank said its board had approved fund-raising worth up to Rs 50,000 crore through debt over the next 12 months.
HDFC Bank is the first major lender to report results for the final quarter of the year.
At 2:39 pm, HDFC Bank shares traded 0.75 per cent lower at Rs 2,272.95 apiece on the BSE, in line with a 1 per cent loss in the Sensex. At the time, HDFC Bank was among the top five drags on Sensex.
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