The benchmark equity indices fell over 1 per cent for a second straight trading session as stress in the financial sector continued to weigh on investor sentiment. A slide in index heavyweights — Reliance Industries, HDFC, and Infosys — added to woes with
the Sensex dropping as much as 640 points.
The biggest sell-off, however, was seen in the shares of NBFCs, particularly housing finance firms, on fears that profitability could be hit because of the liquidity tightening. Speculation that more real estate developers could default on obligations due to rising stress kept investors on tenterhooks. Shares of PNB Housing dropped 18.6 per cent and Indiabulls Housing Finance declined 17 per cent, extending its three-day fall to 30 per cent.
the country's second largest private sector lender, has reported healthy 20.6 percent on year growth in second quarter profit to Rs 5,005.73 crore, driven by NII, other income and operating income. Net interest income, the difference between interest earned and interest expended, grew by 20.6 percent to Rs 11,763.41 crore compared to same quarter last year.
Asset quality was stable for the quarter ended September 2018 as gross non-performing assets (NPA) stood flat at 1.33 percent sequentially. Net NPA fell to 0.40 percent in Q2 against 0.41 percent in June quarter.
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