HDFC Bank falls nearly 5% from its intra-day's high

Shares of HDFC Bank have slipped by 2.5% at Rs 2,058 per share, falling 4.6% from their early morning high on the National Stock Exchange (NSE), after more than 10-million equity shares changed hands on the counter through multiple block deals.
Till 10:17 am; around 13.41 million equity shares representing 0.63% of total equity of HDFC Bank have changed hands on the NSE, the exchange data shows.

The stock of private sector lender had hit a high of Rs 2,157 on the NSE in intra-day trade earlier today. On the BSE, the stock hit an intra-day low of Rs 2,059, falling 5% from its new high of Rs 2,170 recorded in early morning trade today.

HDFC Bank had outperformed the market by surging 5% in last week on expectation of huge demand for the bank stock when the window opens for foreign portfolio investors (FII) buying. On comparison, the S&P BSE Sensex was up 0.87% during the week.

According to Business Standard report, the allotment of employee stock options (ESOPs) has created 143 basis points (bps) headroom for FPIs in HDFC Bank. This has created a last minute rush among FIIs wanting to buy HDFC Bank shares.