HDFC & HDFC Bank's market value eroded Rs 2.58 lakh crore
By MYBRANDBOOK
Both financial giants HDFC Bank and HDFC are witnessing tough times in the share market. The HDFC Bank's market value has eroded by Rs 1.67 lakh crore in the nine-day selloff and the bank's market value stands at Rs 7,51,421 crore.
While, mortgage lender HDFC, has lost another Rs 91,595 crore in market value to Rs 3,94,097 crore from Rs 4,85,692 crore. The HDFC twins are the third most-valued, with TCS at Rs 12,89,011 taking the second spot and Reliance Industries at Rs 17,81,205 at the top.
Both stocks now commanded a combined market value of Rs 11.45 lakh crore compared with about Rs 14 lakh crore. Their combined value erosion of Rs 2.58 lakh crore is more significant than the market capitalisation of Bajaj Finserv, i.e., Rs 2.51 lakh crore.
Shares of HDFC bank have been down -17.96 percent since early this month, while shares of HDFC Ltd are down by -19.41 percent. As far as the merger between HDFC and HDFC Bank is concerned, 42 shares of HDFC Bank would be given for every 25 shares of HDFC. It is expected that the deal would take 18 months to go through.
HDFC Bank has reported a 22.8% yearly jump in standalone net profit during the fourth quarter of the financial year 2021-2022 to Rs 10,055.20 crore on the back of a 29% dip in bad loan provisioning during the period.
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