HDFC dips on lower profit on sale of investments

Shares of HDFC have dropped 0.5% to Rs 1,256 on the Bombay Stock Exchange (BSE) after the mortgage lender announced that profit on sale of investments plunged by 50% to Rs 57 crore for the quarter that ended December.

When compared year-on-year, the company was in a better position as it had earned a profit of Rs 113 crore in the same quarter a year ago.

"The Corporation under the loans assignment route sold loans amounting to Rs 1,240 crore in the quarter to HDFC Bank as against 1,234 crore in the same quarter last fiscal," it said.

The stock opened at Rs 1,266.90 and touched an intraday low of Rs 1,251. A combined total of 268,896 shares changed hands on counter of NSE and BSE