HDFC Bank ADRs slide on NYSE amid analyst concerns and weak Q3 FY24 performance
HDFC Bank’s American Depositary Receipts (ADRs) faced another downturn on the NYSE on January 17, dropping 7.5% to $56.6 apiece following a critical assessment by analysts of the private sector lender’s Q3 FY24 financial results. Analysts’ negative outlook continues to impact the ADRs, suggesting a potentially weak performance in Indian markets on January 18.
In the preceding session on January 16, the ADRs had already experienced a 6.7% decline, closing at $61.18 apiece.
In tandem with the ADR slump, HDFC Bank’s shares in the Indian markets also took a hit on January 17, plunging 8.44% to settle at Rs 1,537.50 on the NSE. The traded volume spiked significantly to 85.07 million shares on the NSE, compared to 12.66 million shares in the previous session, signaling increased market activity and investor concern post the earnings announcement.