HDFC Bank shares remained volatile on Monday, swinging between gains and losses after the private lender appointed ICICI veteran Anup Bagchi as its new CEO. Analysts cautioned that the medium-term trend remains weak, with the stock sustaining below key technical levels.
The stock rose 2% to Rs 734.20 apiece on the NSE in early trade before erasing all gains and falling nearly 3% from the day’s high to Rs 714 as of 10:20 am. The decline came even as the broader market rebounded after an eight-week losing streak.
