HDFC MCap drops rs50k crore over merger cost news
Thursday, 21 September 2023
HDFC Bank's shares dropped by 4% on Wednesday after the bank disclosed in an analyst day presentation that its net worth had been impacted by Rs 20,000 crore due to the merger with HDFC. The share price fell by Rs 65 to Rs 1,560, resulting in a market value loss of nearly Rs 50,000 crore. This announcement prompted analysts to lower their target prices for the bank's stock.
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