Indian shares fall at open on underwhelming HDFC Bank profit – Reuters

SourceReuters
SectorFinancial Markets
CountryMiddle east

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas/File Photo

BENGALURU, July 19 (Reuters) – Indian shares fell at the open on Monday, dragged by HDFC Bank as it missed quarterly profit expectations, with sentiment further dented by broader Asian peers falling in early trade on a renewed coronavirus scare.

By 0352 GMT, the NSE Nifty 50 index (.NSEI) was down 0.69% at 15,812.75 and the S&P BSE Sensex (.BSESN) was down 0.72% at 52,760.08. Both indexes ended the week nearly 1.5% higher, their first weekly gain in three.

HDFC Bank (HDBK.NS) fell as much as 3.2%, its lowest in nearly a month, after the lender reported a quarterly profit that missed expectations on Saturday as bad loan provisions rose and asset quality deteriorated.

The NSE Nifty Bank index (.NSEBANK) was down as much as 2.1%.

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