HDFC Bank ADR Faces Second Day of Decline Post Quarterly Earnings, Registers 7.5% Loss

18 Jan 2024 , 01:03 PM

HDFC Bank’s American Depositary Receipts (ADRs) fell substantially for another session on the NYSE on January 17, after most analysts’ unfavourable views on the private sector lender’s disappointing set of figures for the quarter ended December FY24.

The ADRs were trading at $56.6 per on the NYSE, down 7.50% as of 22:55 IST. This suggests that the share price of the counter in Indian markets on January 18 would likewise be weak the next day.

In the previous session, on January 16, the ADR price was down 6.7% to $61.18 per share.

HDFC Bank shares fell 8.44% on January 17, following a day of results announcements, to end at Rs 1,537.50 on the NSE in Indian markets. The NSE had a considerably greater trading volume of 85.07 million shares compared to 12.66 million shares in the previous session.

On Wednesday, the stock opened with a significant gap down, forming a bearish candlestick pattern with a lengthy upper shadow on the daily charts. Furthermore, in a single day, it smashed all short-medium-long-term moving averages.

At around 12.57 PM, HDFC Bank was trading 2.48% lower at Rs 1,499.40 per piece, against the previous close of Rs 1,537.50 on NSE.

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