Nifty, Sensex close lower as HDFC Bank drags

Indian shares ended lower for a third straight session on Monday as financial stocks took a beating, with HDFC Bank Ltd closing at an over two-month low after quarterly provisions surged and asset quality deteriorated.

The broader NSE Nifty ended 0.64% lower at 11,346.2, while the benchmark BSE Sensex closed down 0.8% at 38,031.13. Both indexes marked their worst closing levels since mid-May.

Lending bellwether HDFC Bank, down 3.1%, was among the top drags on the indexes, after provisions jumped over 60%, gross bad loans ticked up, and loan growth slowed.

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Housing Development Finance Corporation Ltd, which holds the biggest stake in HDFC Bank, was the biggest percentage loser on the indexes, closing 5.1% lower.

Meanwhile, Yes Bank Ltd surged 9.5% and miner Vedanta Ltd advanced 3.7%.