Shares of HDFC Bank Limited, India’s second most valuable listed firm, have seen a decline of more than 2 percent in Wednesday’s trading. The fall in shares has also caused loss in the market capitalization of the bank, which has now reduced by Rs 30,000 crore.
This means that due to the fall in the shares of HDFC Bank, its valuation reduced by Rs 30,000 crore in one stroke. This decline comes after an Indian Express report said that the bank allegedly paid excess interest to a government company by hiding crores of rupees as marketing expenses.
According to the report, the bank did not disclose that the board committee headed by MD Ranganath had on March 12 ordered an investigation into the total payments of Rs 45 crore made to the state government agency Maharashtra State Road Development Corporation (MSRDC) during the financial year 2024 and financial year 2025.
However, the bank has denied any irregularities and termed this report as baseless.
When a bank officer resigned
Atanu Chakraborty, short-term chairman and independent director of HDFC Bank, had resigned on March 18, citing tampering with personal values and ethics. hdfc bank had then said that in the conversation with Chakraborty, no specific case, operational issue or governance related deficiency had come to light in the investigation of the bank.
How much did HDFC Bank shares fall?
The bank’s shares had fallen by about 3 percent and reached a low of Rs 726 per share. However, later the share fell by 2.48% and was trading at Rs 759.55. The market capitalization of HDFC Bank was Rs 11,68,000 crore as against Tuesday’s Rs 11,99,374.28 crore, which is Rs 30,000 crore less.
Talking about the performance of this stock, this stock has fallen by 3 percent in the last one month. This stock has fallen by about 25 percent in six months. Whereas this year this stock has declined by 23 percent. Apart from this, this stock has fallen 21 percent in one year. It has given flat returns in five years.
(Note- Before investing in any share, take the help of your financial advisor.)
—- End —-
Source link
[ad_3]
