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HDFC Bank Shares Tank Over 1% On Higher Provisioning In Q3FY20
Shares in HDFC Bank tanked by over 1% in early trade on Monday after the private lender for the period ended December quarter increased its provisions and contingencies to Rs. 3043.6 crore , registering a growth of huge 38%, in comparison to Rs. 2211.5 crore reported in the year ago quarter. The bank said that special loss provisions made in the period included one-offs of approximately Rs 700 crore primarily relating to corporate accounts.
The increase in specific loan loss provisions jumped by 66.2 per cent to Rs 2,883.6 crore in the quarter from Rs 1,734.6 crore the previous year.
From the day's high, the stock of HDFC Bank was dragged as much as 3.4% to hit an intra-day low of Rs. 1254.15 on the BSE.
At 11:24 am, the stock on BSE traded at Rs. 1258.75 or down by 1.49%.
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