HDFC Bank shares saw steep swings in July, rallying after a strong Q1 business update before crashing and wiping off a significant portion of investors’ wealth after the actual Q1 earnings announcement. With the heavyweight stock now down around 15% in less than three months, investors are eyeing the Q2 results for redemption.
HDFC Bank shares jumped more than 5% in two days to hit the highest level since March after India’s largest private lender released its Q1 business update on July 5, strongly boosting investor sentiment. However, the shares erased all gains and dropped further, falling more than 10% over seven sessions of losses after the company released its actual Q1 results later that month.
