HDFC Bank shares slip to fresh 52-week low: What’s driving the fall?
HDFC Bank’s absolute returns over the week were down 2 per cent, while the stock was down nearly 5 per cent over the past month. On a year-to-date basis, the stock had dragged over 28 per cent.
HDFC Bank's shares recently reached their lowest level in 52 weeks, falling to ₹698.50 on Tuesday, before trading remained steady. Investors' attention was mainly drawn to the decision made by the bank's MD & CEO, Sashidhar Jagdishan, not to extend his tenure and the upcoming succession process. At 11:56 am, the stock price on the NSE was ₹711.90, compared to its previous close of ₹709.
As of now, the buy quantity was 20,27,923, and the sell quantity was 22,88,611. In terms of performance, HDFC Bank's absolute returns decreased by 2% over the past week, and the stock declined by nearly 5% in the last month. Over the year-to-date period, the stock had underperformed by 28%. On Monday, the shares experienced a drop of 1.6% as investors deliberated upon Jagdishan's decision not to extend his term.
Most brokerages maintained a positive outlook on HDFC Bank, yet shifted their focus to the bank's forthcoming CEO.
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