HDFC Bank gains 3% as RBI allows lender to issue new credit cards

Shares of HDFC Bank were up 3 per cent at Rs 1,564.75 on the BSE in intra-day trade on Wednesday after the Reserve Bank of India (RBI) on Tuesday allowed the private lender to issue new credit cards. However, RBI's ban on the bank introducing new digital initiatives will continue.

Despite today’s gain, in the past three months, the stock of HDFC Bank has underperformed the market by gaining 7.5 per cent, as compared to a 13 per cent rally in the S&P BSE Sensex. In the six months, the stock was down 2.5 per cent, against an 8.4 per cent