Following the largest one-day decline in three years for Indian shares, HDFC Bank ADR had another 9% decline on Wednesday.

Overnight, HDFC Bank ADR dropped 9.1%, the most in a single day since March 2020, to settle at $55.59, the lowest since July 2022. As a result, HDFC Bank’s ADR has decreased by 15% during the previous two trading sessions; on Tuesday, it had also decreased by 6.7%.

Shares of the biggest private lender in India fell on Wall Street and Dalal Street following the company’s disappointing December quarter reports. The stock plummeted almost 9% in India on Wednesday as well, ranking lowest on the benchmark Nifty 50 index, where it has the highest weighting at more than 14%.

When it comes to points, HDFC Bank was responsible for 55% of the Nifty 50’s Wednesday decline. Out of the approximately 400 points that the benchmark index lost in mid-week trading, the stock added more than 200 points. In terms of points, the other top losers contributed one-fifth of that.

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In a single trading session, the lender HDFC Bank lost ₹1.1 lakh crore from its total market capitalization due to the decline in its shares.

“I see an opportunity there because growth will ultimately determine stock prices.” In the future, there may be a significant opportunity to purchase this stock for 25–30% gains if the current outcome presents a chance to do so at lower or corrected prices, according to Deven Choksey of DRChoksey Finserv, who spoke with CNBC-TV18 on Wednesday.

“I think the current appraisal is really strong. In my opinion, this is an excellent investment at this time for the next two to three years if you consider not only HDFC but also all of its subsidiaries that were acquired after the merger and how it handled the difficult integration without experiencing any significant problems “said Ashika Stock Broking’s Ashutosh Mishra.

SOURCE: https://www.cnbctv18.com/market/hdfc-bank-share-price-adr-sheds-another-9-percent-lowest-since-july-2022-market-cap-18829331.htm