HDFC Bank Shares Drag Nifty Down As Stock Reacts To Q3 Business Update

Shares of HDFC Bank have emerged as one of the top laggards in Nifty 50 in trade on Monday, after the lender reported business update for the third quarter of fiscal year ending 2026.

The stock is currently trading at Rs 987, accounting for a fall of 1.5%. The pressure in HDFC Bank has weighed heavily on the Nifty 50, contributing 53 points negatively.

The fall in HDFC Bank shares comes after the lender reported its Q3 business update, where both advances and deposits witnessed double-digit growth.

India's largest private sector bank saw its gross advances rise by 11.9% year-on-year to Rs 28.4 lakh crore, which indicates sustained credit demand in the system.

On the lending front, the HDFC Bank's average advances for the quarter stood at Rs 28.6 lakh crore, marking a 9% increase compared to the same period last year.

Deposit mobilisation, meanwhile, also remained robust, with average deposits growing by 12.2% year-on-year to Rs 27.5 lakh crore while average CASA (Current Account Savings Account) deposits rose by 9.98% to Rs 8.9 lakh crore.

Shares of HDFC Bank have given a return of 15% in the last 12 months, and currently trades with a relative strength index of 64, which suggests neutral market sentiment.

Out of 48 analysts tracking the company, 46 maintain a 'buy' rating, two recommend a 'hold,' while none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 1,157 implies an upside of 16.9%.