HDFC Bank Share Price Trades Ex-Date, Extends Losses To Third Day

HDFC Bank Ltd.'s share price declined after the stock turned ex-bonus. With Tuesday's losses, the stock price has fallen for three sessions in a row.

The private lender has given one free bonus equity share of face value of Re 1 each for every one fully paid-up equity share held. On Tuesday, it started to trade without the benefit of the corporate action, hence it is called ex-date.

The share price of HDFC Bank will halve to reflect the 1:1 bonus issue. The record date to determine the eligibility of shareholders to receive bonus share is on Aug 27 when markets are closed on account of Ganesh Chaturthi.

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HDFC Bank share price fell 1.29% to Rs 969.4 apiece. It was trading 1.10% lower at Rs 971.3 apiece as of 9:34 a.m., compared to a 0.71% decline in the NSE Nifty 50 index. The stock is the second biggest loser in the benchmark index.

The stock rose 18.43% in 12 months, and 9.78% on year-to-date basis. Total traded volume on NSE so far in the day stood at 0.38 times its 30-day average. The relative strength index was at 37.03.

Out of 49 analysts tracking the company, 47 maintain a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.4%.

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