The shares of HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank have tumbled this week, eroding more than Rs 1.5 lakh crore in combined market capitalisation after their Q1 earnings announcements last weekend. However, analysts believe the sharp correction has made valuations increasingly attractive.
The heavyweight private lenders released their Q1 results on Saturday, following which HDFC Bank and Axis Bank shares dropped up to 9% this week. Yes Bank and Kotak Mahindra Bank shares have overall fallen up to 3%. The sharp fall in the shares of these 4 private lenders has pushed the Nifty Private Bank index down over 4% in just four sessions.
