India Business News: HDFC Bank shares plummeted by 3.7% to Rs 1,480 on the BSE, resulting in a decline of about Rs 1.3 lakh crore in market capitalization since yesterday.
HDFC Bank: Nomura India, which has downgraded the HDFC Bank’s target to Rs 1,800 from Rs 1,970 earlier, said net worth adjustments will have a negative 4 per cent impact on its estimated FY24 book value per share.
Adani Power is maintaining a lower-top lower-bottom formation on the daily chart, which is a sign of weakness. The stock is underperforming key indices.
HDFC Bank merged As per the current methodology, the weighting of the merged entity would be again reduced in the next quarterly index reviews if the foreign room would have come below 15 per cent.
HDFC Bank witnessed breakout of a Triangle formation. The stock retested its breakout level at around Rs 1,530 and started a new leg of rally towards Rs 1,700 level.