Why HDFC Bank Stock Is Zooming Today
HDFC Bank (NYSE: HDB) stock rocketed higher on Monday, surging 8.4% as of 10:40 a.m. ET after hitting a high of 11.8% within a minute of the market's opening. The Indian banking behemoth is making a huge growth move that could be a game changer in a competitive domestic market. HDFC Bank shares rallied on India's National Stock Exchange in the morning and closed trading Monday up 9.8%.
On the morning of April 4, HDFC Bank proposed an amalgamation with parent company HDFC, which is also listed in India. Here's why it's such a big deal: HDFC Bank is India's largest private bank in terms of assets and sales and is HDFC India's largest mortgage lender with outstanding loans worth nearly $83 billion as of Dec. 31, 2021.
Image source: Getty Images.
Source Fool.com
