BENGALURU, Sept 20 - India's top private lender HDFC Bank has warned that its merger with HDFC Ltd would hit key financial metrics including its margins and bad loan ratios, sending shares down 4% on Wednesday and dragging the blue-chip Nifty 50 .
The warning on non-performing assets was prompted by a sharp rise in bad loans in the erstwhile housing financier's corporate loan book, Nomura analysts wrote in a note, downgrading the stock to"neutral" from"buy". About 11.6 million HDFC Bank shares changed hands in early trade on Wednesday, versus a 30-day average of 21.1 million.
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