HDFC Hits 52-Week High; Overtakes Hindustan Unilever In Market Cap

On Wednesday, shares of Housing Development Finance Corp rose as much as 0.65 percent to touch 52-week high of Rs 2,447.80 on NSE. Market capitalisation of the mortgage lender was over Rs 4.23 trillion at the time of the surge in share price, overtaking Hindustan Unilever Limited's valuation of Rs 4.15 trillion.

Shares of HUL declined by close to 2.5 percent on Wednesday to an intraday low of Rs 1,911.50. The fall comes after the consumer goods company's parent cut its sales guidance for calendar years 2019 and 2020 amid growth concerns in India.

On Tuesday, Unilever, that holds 67 percent stake in HUL, made an unscheduled sales update saying that underlying sales growth would be below guidance in 2019 and in the first half of 2020 because of a slowdown in South Asia and weakness in West Africa.

Credit Suisse lowered its price target on HUL from Rs 2,180 to Rs 2,150.