Stocks

HDFC slides 2% ahead of Q3 earnings

PTI Mumbai | Updated on January 14, 2011

Mortgage lender HDFC declined by nearly two per cent in the early trade on the Bombay Stock Exchange (BSE), ahead of its third quarter earnings to be announced today.

Continuing its fall for the second straight session, shares of HDFC witnessed a plunge of 1.93 per cent to touch an early low of Rs 655 a piece on the BSE. The scrip, yesterday, had fallen by 1.96 per cent on BSE.

HDFC saw a similar downside on the National Stock Exchange, sliding by 2.09 per cent to trade at Rs 653.40 in the morning trade.

Market analysts said the counter is under pressure on concerns of probable interest rate hike by the RBI. The apex bank is expected to raise key short-term rates by 25-50 basis points later this month, which is likely to hurt growth.

Besides, the investors are also nervous ahead of the December quarter results, which would be announced by the company today. The shares are trading at Rs 660 down 1.10 per cent on the BSE.

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Published on January 14, 2011
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