HDFC Bank Shares Start Quoting Ex-Split Price

HDFC Bank's shares started quoting their ex-split price on Thursday. A stock split, in the 1:1 ratio, that was proposed earlier by the lender's board was approved by its shareholders at its Annual General Meeting held on 12 July 2019.

One equity share of the face value of Rs 2 each was split into two equity shares with a face value of Rs 1 each.

On Wednesday, shares of HDFC Bank closed at Rs 2,188 apiece on NSE and opened on Thursday at Rs 1,099.90.

The pre and post split share capital details of the private lender are likely to be released soon.

The bank's strong financial performance and sound asset quality have helped the market price of its equity shares grow steadily over the last several years. To improve their affordability and increase participation of the retail/ individual investors and thereby facilitate more liquidity, the sub-division of the equity shares was proposed, the bank said.

HDFC Bank had posted a 23 percent increase in its net profit to Rs 5,885.12 crore for the quarter ended March 2019 on healthy growth in its net interest income.

The country's largest private sector bank had previously split its shares in 1:5 ratio on 2011. It split shares worth Rs 10 to 5 shares of Rs 2 each.