HDFC Bank shares fall over 2% after RBI dictat

December 03, 2020 17:44

Shares of HDFC Bank declined over 2 per cent on Thursday after the company said the Reserve Bank of India has asked it to temporarily stop all launches of its upcoming banking initiatives and issuing of new credit cards.

Erasing all its early gains, the stock dipped 2.13 per cent to close at Rs 1,377.05 on the BSE. During the day, it declined 2.32 per cent to Rs 1,374.25. On the National Stock Exchange (NSE), it was down 1.84 per cent to close at Rs 1,381. The company's market valuation was wiped out by Rs 16,055.99 crore to Rs 7,58,287.01 crore on the BSE.

In traded volume terms, 7.36 lakh shares were traded on the BSE and over 1.89 crore shares on the NSE during the day. In an unprecedented move, the Reserve Bank of India has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country's largest private sector lender over the past two years. -- PTI

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