American depository receipts of the HDFC Bank fell 9.14% to settle at $55.59 indicating a negative start for the banking stock. The fall in ADRs can be attributed to the third-quarter results.
The company reported a jump of 33% in the net profit to Rs 16,372 for the quarter. But the bank’s provisions rose 50% to Rs 4,216 crore.
American depository receipts are stocks of foreign companies trading on the American stock exchanges without the hustle of getting listed on the American stock exchanges. They are issued by the American banks.
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The company’s non-performing assets grew 1.26% in the third quarter against the 1.23% in the same quarter a year ago. The bank’s net interest income rose 24% year-over-year to Rs 28,470 for the quarter.
On January 17, HDFC Bank fell the most among its peers in the Nifty 50 and gained the title of top loser for the day. The stock closed 8.4% lower to Rs 1,537.50. In the last year, the stock has fallen 4.4%. However, it has risen by 1% in the two years.