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HDFC continues to decline, shares fell 4% today, company out of top 10 in terms of market cap

Today, a big fall in HDFC’s stock has put the company out of the top 10 companies of BSE in terms of market cap. Airtel has now entered the top 10.

HDFC Ltd Stock Price: Housing finance company HDFC shares continue to fall. Even today, the stock fell about 4 percent to Rs 2151. Whereas on Monday it closed at Rs 2264. Today, a big fall in the stock has put the company out of the top 10 companies of BSE in terms of market cap. Bharti Airtel, which was at number 11 yesterday, has now entered the top 10. During the intraday, the market cap of HDFC Ltd came down to around 3.96 lakh crores. Reliance Industries is still on top of this list.

Top 10 companies by market cap

Reliance Industries (RIL): 18,03,326.86 crore
Tata Consultancy Services (TCS): 12,84,290.44 crore
HDFC Bank: 7,60,848.22 crore
Infosys: 6,70,007.26 crore
ICICI Bank: 5,37,166.86 crore
Hindustan Unilever: 5,06,301.67 crores
Adani Green Energy: 4,69,212.10 crore
State Bank of India (SBI): 4,63,187.34 crore
Bajaj Finance: 4,48,568.57 crore
Bharti Airtel: 4,03,361.94 crore

Shares lost 18 percent in 15 days

After the announcement of merger with banking subsidiary HDFC Bank, HDFC shares continued to decline. After the announcement of April 4, HDFC stock has fallen by about 18 percent. With this the company’s market cap came down to 4 lakh crores. HDFC Bank shares also continued to decline.

Actually HDFC and HDFC Bank will merge with each other. After the merger, HDFC will have 41 percent stake in HDFC Bank. Shareholders and creditors of the company will also be involved in this merger. HDFC shareholders will get 42 equity shares as per share exchange ratio in the combined company for every 25 equity shares. According to HDFC, the objective of this deal is to improve the housing loan portfolio of HDFC Bank and increase its existing customer base. This merger of HDFC and HDFC Bank will be completed by the second or third quarter of the fiscal year 2024.

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