HDFC Bank shares hit fresh 52-week low. Should investors be worried?
The stock hit a fresh 52-week low of ₹707 in early trade after the bank said it is exploring an appeal against NCLT’s decision on media baron Subhash Chandra’s repayment plan of ₹6.5 crore.
On Friday, HDFC Bank's shares reached a new 52-week low of ₹707, trading flat at ₹712.80 by 10.10 am. The day prior, the stock had closed at ₹711. The bank had opposed and voted against a resolution approved by the majority, which it is now exploring to appeal at the National Company Law Appellate Tribunal (NCLAT). The sell quantity stood at 15,26,198 shares, while the buy quantity was 13,10,068 shares.
The traded volume totaled 44.19 lakh shares, with a traded value of ₹315.96 crore. The market capitalization decreased to ₹10.99 lakh crore. HDFC Bank acknowledged that its admitted claim was only 3.2% of the total stated claim amount, which was inherited from HDFC Limited.
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Also reported by 1 other outlet
- ICICI Bank shares slide 1.32% amid $1 billion bond issuance and employee stock allotment thehindubusinessline.com
