HDFC Bank Shares hit 52-Week Low: Q3 Earnings Fallout Triggers Market Concerns
As January unfolds, investors find themselves grappling with the unsettling news of HDFC Bank shares hitting a 52-week low, intensifying concerns sparked by the fallout from the bank’s Q3 earnings report. The stock, which fell 10% last week following the announcement of its quarterly results, breached the 52-week low of Rs 1460.55, previously recorded on October 26, 2023.
In the early hours of trading today, HDFC Bank shares extended their losses, reaching a yearly low of Rs 1459.95, a 1.26% decline from the previous close of Rs 1478.65 on BSE. The relative strength index (RSI) of HDFC Bank currently stands at 24.5, indicating that the stock is trading in oversold territory.
The market capitalization of HDFC Bank has tumbled to Rs 11.12 lakh crore amid a broader market rally. The total turnover on BSE amounted to Rs 15.18 crore as 1.04 lakh shares of the bank changed hands.
Despite the large-cap nature of HDFC Bank, the stock is trading below various key moving averages, including the 5-day, 10-day, 100-day, 150-day, and 200-day averages. This downward trend has caught many investors off guard, leading to heightened uncertainties about the future trajectory of the banking giant’s stock.