A collapse in the shares of HDFC Bank Ltd brought the broader market to its knees on Wednesday, inflicting a ₹4.6 lakh crore loss on investors as key indices fell the most in 19 months. Provisional data from BSE showed that foreign portfolio investors (FPIs) sold ₹10,578.13 crore worth of shares, the highest in a day, pulling down the Nifty and the Sensex by over 2%.
HDFC Bank, India's largest private lender with the highest weight in the indices, contributed to over a fifth of the day's total wealth erosion. The bank's shares plunged 8.46% on BSE, erasing ₹1.07 lakh crore of value. The decline, the lender's biggest fall in three years and 10 months, came after a mixed bag of earnings the previous day, with net interest income falling below market expectations.
The steep fall pushed indices below important technical levels; unless indices cross their record highs scaled recently, investors may sell every time the market rises, analysts said.
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