Mumbai: Mortgage lender HDFC declined by nearly 2% in the early trade on the Bombay Stock Exchange (BSE), ahead of its third quarter earnings to be announced on Friday.
Continuing its fall for the second straight session, shares of HDFC witnessed a plunge of 1.93% to touch an early low of Rs655 a piece on the BSE. The scrip, on Thursday, had fallen by 1.96% on BSE.
HDFC saw a similar downside on the National Stock Exchange, sliding by 2.09% to trade at Rs653.40 in the morning trade.
Market analysts said the counter is under pressure on concerns of probable interest rate hike by the RBI. The apex bank is expected to raise key short-term rates by 25-50 basis points later this month, which is likely to hurt growth.
Besides, the investors are also nervous ahead of the December quarter results, which would be announced by the company today.
The fall in the heavy-weight was instrumental in dragging the 30-share benchmark Sensex, which was quoting at 19,102.23, down 80.59 points at 11:05 am.