Shares of HDFC Bank hit record high on strong March quarter results.

Shares rose as much as much as 2.14 per cent to a record high of Rs 1,528.80. HDFC Bank has gained for a fifth straight session.

The country's second-biggest lender by assets on Friday reported higher-than-expected profit of Rs 3,990 crore ($618.48 mln) for the March quarter.

The fourth quarter bad loan ratio remained sequentially stable at 1.05 per cent.

Key positive was strong acceleration in core pre-provision operating profit growth, helped by strong loan growth, margins, and fees, Morgan Stanley wrote in a note.

The stock has risen 24 per cent this year as of Friday's close.