July 22, 2019 / 10:40 AM / 6 months ago

Indian shares close lower as HDFC Bank drags

BENGALURU, July 22 (Reuters) - Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated.

The broader NSE index ended 0.64% lower at 11,346.2, while the benchmark BSE index closed down 0.8% at 38,031.13. Both indexes marked their worst closing levels since mid-May.

Lending bellwether HDFC Bank, down 3.1%, was among the top drags on the indexes, after provisions jumped over 60%, gross bad loans ticked up, and loan growth slowed.

Housing Development Finance Corporation Ltd, which holds the biggest stake in HDFC Bank, was the biggest percentage loser on the indexes, closing 5.1% lower.

Meanwhile, Yes Bank Ltd surged 9.5% and miner Vedanta Ltd advanced 3.7%.

For midday report see: (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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