HDFC Bank valuation erodes by Rs 90,000-cr in two days

New Delhi: Shares of HDFC Bank extended their previous session’s decline, falling over 7 per cent in two days and wiping out Rs 89,636 crore from its market valuation, after the lender’s quarterly earnings disappointed on the margin front.

The stock declined 2.08 per cent to settle at Rs 761.45 on the BSE. During the day, it slipped 2.25 per cent to Rs 760.10.

At the NSE, the stock dipped 2.08 per cent to end at Rs 761.45.Shares of HDFC Bank had tumbled over 5 per cent on Monday.In two days, the blue-chip stock has tanked 7.10 per cent, wiping out Rs 89,635.73 crore from its market valuation.HDFC Bank dragged the markets for a second day. The 30-share BSE Sensex declined 238.41 points, or 0.31 per cent, to settle at 77,470.11.

The 50-share NSE Nifty edged lower by 50.80 points, or 0.21 per cent, to end at 24,187.70.According to market experts, HDFC Bank has disappointed, particularly on the NIM (Net Interest Margins) front.HDFC Bank on Saturday reported a 5 per cent increase in standalone net profit to Rs 19,060 crore for the June quarter.The country’s biggest private sector lender had earned a net profit of Rs 18,155 crore in the year-ago period.