Valuation Problem Set (A)

Author : Vishwanath S R
Language : English
Length : 44 pages
Discipline : Finance

Description: The problem set covers estimation of returns, standard deviations, alpha,
beta, R2 and standard error for stocks using different return intervals and market proxies
as well as construction of two stock portfolios.

Learning Objective: To introduce the risk and return of investments in stocks.

Subjects Covered: Investment management, security analysis, portfolio management

This problem set was prepared by Prof Vishwanath S R with the assistance of Anu Kumari,
Abhinav
Problem Tiwari and Akash
1- Calculating Chibber,
mean returnsPGDBM ’08, IMT,
and standard Nagpur, as the basis for class
deviation
discussion rather than to illustrate effective or ineffective handling of an administrative
situation.

4
Problem 1- Estimation of returns, standard deviation and beta
Part A: Calculate the mean returns using closing prices of ACC stock and Sensex given
in Exhibit 1. Calculate their standard deviation. Annualize the daily returns and standard
deviation. Assume 300 trading days. Compare the volatilities of ACC stock and the
index. What can you infer?

Part B: Calculate alpha and beta of ACC stock (against the Bombay Stock Exchange
Sensitive Index, Sensex). Interpret the value of alpha, beta, and standard error. Establish
1 standard deviation, 2 standard deviation and 3 standard deviation confidence intervals
for the beta estimate. Use daily returns for 2007.

Problem 2- The impact of return interval and market proxy on the beta estimate

Part A: Calculate the standard deviation. Compare the volatilities of ACC and HDFC
stock. Which of them is riskier? Estimate the beta of HBFC stock vis-à-vis Nifty using
daily stock price and index data provided in Exhibit 2.

Part B: Construct two stock portfolios consisting of ACC and HDFC stocks by altering
weights from 10% ACC to 100% ACC in steps of 10%. Identify the least risky portfolio.
Use daily returns for 2007.

Part C: Estimate the beta of HDFC stock by regressing daily, weekly and monthly
returns against Nifty and Sensex returns. Use the data given in Exhibit 3, 4 and 5. What is
the impact of changing return interval (i.e. weekly and monthly returns) and the market
proxy (Nifty and Sensex) on the estimate of beta?

Plot the regression results and summarize regression statistics.

Problem 3-Estimation of Cost of Equity

Estimate the cost of equity for HDFC Bank using the Capital Asset Pricing Model. Use
the beta estimate obtained by regressing weekly returns of HDFC Bank against Nifty.

Assume the following information:

1 year T Bill Rate= 7.77%

10 Year T Bond Rate= 7.9%
30 year T Bond rate = 8.24%
Market Risk Premium = 9%

5
Exhibit 1: Stock price data of ACC stock

Open High Low Closing BSE

Date Price Price Price Price SENSEX
10/31/2007 1064 1089 1061.1 1077.5 19837.99
10/30/2007 1085 1098.9 1057.05 1067.7 19783.51
10/29/2007 1088 1117 1067 1081.7 19977.67
10/26/2007 1070 1100 1059.2 1079.45 19243.17
10/25/2007 1081 1095 1051 1061.2 18770.89
10/24/2007 1079.95 1104 1055.15 1078.1 18512.91
10/23/2007 1039 1075 1030.4 1065.15 18492.84
10/22/2007 984.7 1037.7 965 1018.2 17613.99
10/19/2007 1070 1080 962 991.1 17559.98
10/18/2007 1214.95 1244.9 1000 1036 17998.39
10/17/2007 1200 1225 1126 1202.65 18715.82
10/16/2007 1280 1314.85 1230 1266.6 19051.86
10/15/2007 1277 1299 1260.25 1285.95 19058.67
10/12/2007 1257.3 1304 1238.3 1250.55 18419.04
10/11/2007 1225.1 1288 1200 1260.3 18814.07
10/10/2007 1185 1231 1185 1218.15 18658.25
10/9/2007 1078 1182.6 1078 1176.65 18280.24
10/8/2007 1198 1198 1095.3 1115.1 17491.39
10/5/2007 1025 1230 1025 1176.6 17773.36
10/4/2007 1235 1240 1204.2 1214.35 17777.14
10/3/2007 1225 1265 1176 1228.45 17847.04
10/1/2007 1230 1230 1024 1209.85 17328.62
9/28/2007 1196 1215.5 1182 1194.9 17291.1
9/27/2007 1195 1209 1162 1188.5 17150.56
9/26/2007 1151 1173.5 1142 1155.95 16921.39
9/25/2007 1148 1168.25 1127.55 1149.35 16899.54
9/24/2007 1135 1150 1128 1139.85 16845.83
9/21/2007 1140 1159 1128 1132.9 16564.23
9/20/2007 1153 1173.95 1130 1137.55 16347.95
9/19/2007 1171 1174.5 1132 1153 16322.75
9/18/2007 1124.8 1129.55 1105.1 1122.55 15669.12
9/17/2007 1150 1150 1100.9 1110.45 15504.43
9/14/2007 1139 1144.95 1101.1 1106.85 15603.8
9/13/2007 1095.1 1136 1095.1 1128.8 15614.44
9/12/2007 1105 1117 1099.1 1101.85 15505.36
9/11/2007 1100 1117.4 1090 1104.05 15542.77
9/10/2007 1094 1102 1072 1093.25 15596.83
9/7/2007 1106 1109.8 1082 1086.75 15590.42
9/6/2007 1082.4 1111.1 1073 1102.2 15616.31
9/5/2007 1106 1109 1075.1 1082.4 15446.15

6
9/4/2007 1082 1111 1074.1 1097.55 15465.4
9/3/2007 1072 1086.7 1058 1071.1 15422.05
8/31/2007 1075 1077 1056 1065.9 15318.6
8/30/2007 1049 1066.75 1030 1061.1 15121.74
8/29/2007 1007 1045 992.1 1041.15 14993.04
8/28/2007 1045 1045 1021.3 1026.6 14919.19
8/27/2007 1015 1039.95 1011 1036.9 14842.38
8/24/2007 985 1017.25 970.15 1010.35 14424.87
8/23/2007 974 1001 965 972.4 14163.98
8/22/2007 948.5 959.75 908.1 953.15 14248.66
8/21/2007 973 973 928 936.75 13989.11
8/20/2007 984.8 995 958.5 963.2 14427.55
8/17/2007 981 993 926.3 951.75 14141.52
8/16/2007 950 996.9 947 979.55 14358.21
8/14/2007 1018 1019.9 986.05 990.3 15000.91
8/13/2007 1010.95 1024.7 1005 1012.3 15017.21
8/10/2007 975 1009.7 950 1000.9 14868.25
8/9/2007 1038 1058 995 1000.95 15100.15
8/8/2007 997 1031.4 997 1025 15307.98
8/7/2007 994.95 1011.95 981.1 985.75 14932.77
8/6/2007 989 989 961 979.05 14903.03
8/3/2007 995 1020 995 1003.3 15138.4
8/2/2007 970 1012 949.9 983.05 14985.7
8/1/2007 1048 1050 958 965.9 14935.77
7/31/2007 1033.85 1067 1030 1059.95 15550.99
7/30/2007 999 1054.7 990 1022.6 15260.91
7/27/2007 1010 1021 977 999.9 15234.57
7/26/2007 1078 1088 1007 1021.65 15776.31
7/25/2007 1103 1103 1042.15 1070.5 15699.33
7/24/2007 1140 1142 1105 1117.85 15794.92
7/23/2007 1105 1150 1088.15 1139.75 15732.2
7/20/2007 1155 1159 1102 1107.2 15565.55
7/19/2007 1141 1160 1119 1150.3 15550.13
7/18/2007 1113 1145 1096 1133.1 15301.17
7/17/2007 1125 1141.25 1105 1110.6 15289.82
7/16/2007 1100 1127 1097 1118.35 15311.22
7/13/2007 1080 1122.8 1080 1095.8 15272.72
7/12/2007 1079.9 1085.9 1066 1072.4 15092.04
7/11/2007 1029.9 1083 1021.25 1069.45 14910.62
7/10/2007 1040 1051.9 1030.05 1036.7 15009.88
7/9/2007 1040 1054.5 1021 1046.3 15045.73
7/6/2007 1011 1048.5 999 1040.7 14964.12
7/5/2007 1030 1034 981 1021.75 14861.89
7/4/2007 947.9 1047 940 1022.55 14880.24
7/3/2007 950 950 932 938.3 14806.51

7
7/2/2007 940 951 920 936.2 14664.26
6/29/2007 903 939 890 933.8 14650.51
6/28/2007 845.2 907.9 842 898.9 14504.57
6/27/2007 847.75 850 824 829.8 14431.06
6/26/2007 862 863.2 842.6 846.1 14501.08
6/25/2007 850 861.95 847 856.15 14487.72
6/22/2007 855.2 864.4 845.05 851 14467.36
6/21/2007 853 860.8 837 855.25 14499.24
6/20/2007 850 868 843.5 848.65 14411.95
6/19/2007 825 847.5 821 843.4 14295.5
6/18/2007 825 831 815.1 823.6 14080.14
6/15/2007 828 833 815.2 819.55 14162.71
6/14/2007 811.95 830 799.1 825.3 14203.72
6/13/2007 805 819 788 798.45 14003.03
6/12/2007 765 812.85 765 806.95 14130.95
6/11/2007 775 779 761.6 764.45 14083.41
6/8/2007 798 803 760 768.55 14063.81
6/7/2007 821 828 801 803.95 14186.18
6/6/2007 838 842 814.65 822.35 14255.93
6/5/2007 840 843 828.7 836.45 14535.01
6/4/2007 857 861.8 835 838.75 14495.77
6/1/2007 860 866 850.85 852 14570.75
5/31/2007 866 870 843.2 855.6 14544.46
5/30/2007 870 880.4 856 861.7 14411.38
5/29/2007 870 874.9 862.1 870.65 14508.21
5/28/2007 900 900 865 869.95 14397.89
5/25/2007 840 861.1 831.55 858.05 14338.45
5/24/2007 882.45 887.5 851.15 857.95 14218.11
5/23/2007 895.65 899 875 886.85 14363.26
5/22/2007 865 898 865 890.75 14453.72
5/21/2007 879.8 888.9 867 871.5 14418.6
5/18/2007 895 908 872 875.15 14303.41
5/17/2007 880 893.9 873 889.2 14299.71
5/16/2007 876.2 881.5 869.3 872.5 14127.31
5/15/2007 868 879.8 863.5 875.1 13929.33
5/14/2007 855 873.5 855 867.4 13965.86
5/11/2007 860 870 840 850.35 13796.16
5/10/2007 880 885.6 871.15 875.25 13771.23
5/9/2007 887 890 872 875.7 13781.51
5/8/2007 860 895 851.05 885.55 13765.46
5/7/2007 874 874 853.5 862.4 13879.25
5/4/2007 855 880.2 842 859.05 13934.27
5/3/2007 841 861.95 841 852.25 14078.21
4/30/2007 818 841.05 812 838.85 13872.37
4/27/2007 830 836.8 815 821.9 13908.58

8
4/26/2007 840 849.85 827.2 830.65 14228.88
4/25/2007 818.1 835.75 813 832.7 14217.77
4/24/2007 790 823.45 790 817.1 14136.72
4/23/2007 793.1 806 784.5 796.25 13928.33
4/20/2007 785 807.8 785 790.95 13897.41
4/19/2007 810 818 780.1 788.1 13619.7
4/18/2007 810.1 825.45 810.1 816.75 13672.19
4/17/2007 790 813.8 782.05 806.7 13607.04
4/16/2007 760 791.4 755 786.55 13695.58
4/13/2007 730 750.9 727 748.1 13384.08
4/12/2007 730 734 721.3 726.25 13113.81
4/11/2007 750.5 750.5 730.05 731.7 13183.24
4/10/2007 744 753.3 735 746.5 13189.54
4/9/2007 725.6 744.2 724 741.65 13177.74
4/5/2007 719 735.5 709.05 721.9 12856.08
4/4/2007 691 720 680 714.45 12786.77
4/3/2007 700 715 690.25 704.8 12624.58
4/2/2007 726 729.9 698.05 704.65 12455.37
3/30/2007 740 745.9 730 734.65 13072.1
3/29/2007 732 742.5 727.1 734.95 12979.66
3/28/2007 727.5 740.5 723.05 734.9 12884.34
3/26/2007 745 755.45 731.15 734.55 13124.32
3/23/2007 754 779.2 740.25 745.65 13285.93
3/22/2007 760 763 746.55 753.1 13308.03
3/21/2007 745 762 737 752.5 12945.88
3/20/2007 740 761.9 740 748.3 12705.94
3/19/2007 720 742 720 739.25 12644.99
3/16/2007 739 742 716.05 721.9 12430.4
3/15/2007 745 770 727.1 731.65 12543.85
3/14/2007 729.7 756 708 747.55 12529.62
3/13/2007 757 805 738 749.85 12982.98
3/12/2007 780.1 803.9 735.05 747.6 12902.63
3/9/2007 844.5 856 771.5 780.85 12884.99
3/8/2007 815 842 784 833.35 13049.35
3/7/2007 850 868 754 813.95 12579.75
3/6/2007 819 868 810 854.4 12697.09
3/5/2007 840 845.1 803 813.2 12415.04
3/2/2007 865 892.8 850 855.55 12886.13
3/1/2007 899 912 841.1 876.55 13159.55
2/28/2007 925 934.9 857.25 900.05 12938.09
2/27/2007 950 965 941 961.05 13478.83
2/26/2007 915 958.9 910 945.9 13649.52
2/23/2007 965 965 897.55 915.65 13632.53
2/22/2007 1011 1011.15 948 963.5 14021.31
2/21/2007 1012.5 1017 991 1008 14188.49

9
 2/20/2007 1019 1020 1002 1013.5 14253.38
2/19/2007 1025 1035 1013.1 1017.05 14402.9
2/15/2007 1025 1048 1011 1017.55 14355.55
2/14/2007 1000 1037 982 1021.55 14009.9
2/13/2007 1018 1024.9 994 1011.4 14090.98
2/12/2007 1030 1115 1000 1023.95 14190.7
2/9/2007 1065 1072 1030 1035.05 14538.9
2/8/2007 1070 1075 1052 1066.85 14652.09
2/7/2007 1049 1070 1043.3 1062.8 14643.13
2/6/2007 1040 1058.55 1038.1 1044.65 14478.19
2/5/2007 1050 1052.9 1025 1040.45 14515.9
2/2/2007 1030 1057 1030 1040.5 14403.77
2/1/2007 1024.9 1053 1015 1034.95 14267.18
1/31/2007 1039 1053 1017 1020.25 14090.92
1/29/2007 1042.5 1052 1034 1044.45 14211.96
1/25/2007 1034.75 1055 1020.55 1040.9 14282.72
1/24/2007 1040 1062 1019.35 1026.35 14110.46
1/23/2007 1100 1100 1031 1037 14041.24
1/22/2007 1111 1124 1098.25 1115.8 14209.24
1/19/2007 1107 1116.2 1083.1 1105.6 14182.71
1/18/2007 1104 1109 1080 1096.25 14217.75
1/17/2007 1108 1119 1087.25 1094.3 14131.34
1/16/2007 1080 1105 1076.1 1101.4 14114.73
1/15/2007 1065 1091 1065 1083.6 14129.64
1/12/2007 1045 1073.7 1045 1069.3 14056.53
1/11/2007 1021 1054 1021 1049.75 13630.71
1/10/2007 1026 1034.9 1012 1019.65 13362.16
1/9/2007 1020 1044 1011 1023.55 13566.33
1/8/2007 1056 1059.9 1020 1028.4 13652.15
1/5/2007 1070 1080 1045 1055.15 13860.52
1/4/2007 1077 1089.9 1064 1071.05 13871.71
1/3/2007 1098 1105 1069.5 1075.55 14014.92
1/2/2007 1099 1099 1083 1092.4 13942.24

Source: National Stock Exchange

Exhibit 2: Stock price and Index data

Date NIFTY HDFC Bank Ltd

2-Jan-06 2835.95 713.45
3-Jan-06 2883.35 713.3
4-Jan-06 2904.4 732.05
5-Jan-06 2899.85 739.5

10
 6-Jan-06 2914 768.95
9-Jan-06 2910.1 764.85
10-Jan-06 2870.8 748.35
12-Jan-06 2850.7 746.65
13-Jan-06 2850.55 729.9
16-Jan-06 2833.1 741.4
17-Jan-06 2829.1 749
18-Jan-06 2809.2 744.7
19-Jan-06 2870.85 728.45
20-Jan-06 2900.95 725.15
23-Jan-06 2884.05 719.5
24-Jan-06 2908 715.9
25-Jan-06 2940.35 718.9
27-Jan-06 2982.75 737.1
30-Jan-06 2974.5 743.55
31-Jan-06 3001.1 762.45
1-Feb-06 2971.55 738.8
2-Feb-06 2967.45 739.5
3-Feb-06 2940.6 731.85
6-Feb-06 3000.45 744.8
7-Feb-06 3020.1 770.75
8-Feb-06 3008.95 762.45
10-Feb-06 3027.55 762.05
13-Feb-06 3041.15 746.45
14-Feb-06 3017.55 747.9
15-Feb-06 3022.2 743.75
16-Feb-06 3021.6 760
17-Feb-06 2981.5 742.35
20-Feb-06 3005.85 722.2
21-Feb-06 3035.5 724.8
22-Feb-06 3050.8 726.65
23-Feb-06 3062.1 721.95
24-Feb-06 3050.05 711.45
27-Feb-06 3067.45 728.15
28-Feb-06 3074.7 737.15
1-Mar-06 3123.1 746.85
2-Mar-06 3150.7 758.25
3-Mar-06 3147.35 759.7
6-Mar-06 3190.4 760.1
7-Mar-06 3182.8 757.75
8-Mar-06 3116.7 760.05
9-Mar-06 3129.1 750.2
10-Mar-06 3183.9 749
13-Mar-06 3202.65 769.25
14-Mar-06 3195.35 762

11
 16-Mar-06 3226.6 767.6
17-Mar-06 3234.05 764.25
20-Mar-06 3265.65 765.55
21-Mar-06 3262.3 754.8
22-Mar-06 3240.15 757.35
23-Mar-06 3247.15 741.95
24-Mar-06 3279.8 734.85
27-Mar-06 3321.65 738.25
28-Mar-06 3325 742.7
29-Mar-06 3354.2 746.25
30-Mar-06 3418.95 779.5
31-Mar-06 3402.55 774.25
3-Apr-06 3473.3 773.85
4-Apr-06 3483.15 832.85
5-Apr-06 3510.9 841
7-Apr-06 3454.8 817.7
10-Apr-06 3478.45 825.3
12-Apr-06 3380 809
13-Apr-06 3345.5 803.95
17-Apr-06 3425.15 814.6
18-Apr-06 3518.1 834.45
19-Apr-06 3535.85 848.5
20-Apr-06 3573.5 850
21-Apr-06 3573.05 848.65
24-Apr-06 3548.9 822.4
25-Apr-06 3462.65 824.65
26-Apr-06 3555.75 837.05
27-Apr-06 3508.1 824.2
28-Apr-06 3508.35 817.35
29-Apr-06 3557.6 825.8
2-May-06 3605.45 851.3
3-May-06 3634.25 863.2
4-May-06 3648.4 883.75
5-May-06 3663.95 878.65
8-May-06 3693.15 876.1
9-May-06 3720.55 852.65
10-May-06 3754.25 871.05
11-May-06 3701.05 870.5
12-May-06 3650.05 875.3
15-May-06 3502.95 843.55
16-May-06 3523.3 847.7
17-May-06 3635.1 844.3
18-May-06 3388.9 819.65
19-May-06 3246.9 809.65
22-May-06 3081.35 786.95

12
 23-May-06 3199.35 781.2
24-May-06 3115.55 768.6
25-May-06 3177.7 758.15
26-May-06 3209.6 773.95
29-May-06 3214.9 764.3
30-May-06 3185.3 750.1
31-May-06 3071.05 745.2
1-Jun-06 2962.25 738.65
2-Jun-06 3091.35 765.05
5-Jun-06 3016.65 739.4
6-Jun-06 2937.3 722.6
7-Jun-06 2860.45 720.75
8-Jun-06 2724.35 692.65
9-Jun-06 2866.3 712.7
12-Jun-06 2776.85 692.25
13-Jun-06 2663.3 651.65
14-Jun-06 2632.8 638.95
15-Jun-06 2798.8 697.7
16-Jun-06 2890.35 734.5
19-Jun-06 2916.9 736.3
20-Jun-06 2861.3 708.95
21-Jun-06 2923.45 709.05
22-Jun-06 2994.75 730.95
23-Jun-06 3042.7 749.4
25-Jun-06 3050.3 741.45
26-Jun-06 2943.2 761.6
27-Jun-06 2982.45 741.05
28-Jun-06 2981.1 726.65
29-Jun-06 2997.9 749.35
30-Jun-06 3128.2 795.95
3-Jul-06 3150.95 778.5
4-Jul-06 3138.65 787.25
5-Jul-06 3197.1 807.4
6-Jul-06 3156.4 800
7-Jul-06 3075.85 779.3
10-Jul-06 3142 778.6
11-Jul-06 3116.15 761.55
12-Jul-06 3195.9 761.2
13-Jul-06 3169.3 746.35
14-Jul-06 3123.35 729.3
17-Jul-06 3007.55 707.45
18-Jul-06 2993.65 710.25
19-Jul-06 2932.75 697.2
20-Jul-06 3023.05 726.45
21-Jul-06 2945 709.85

13
 24-Jul-06 2985.85 729.5
25-Jul-06 3040.5 766
26-Jul-06 3110.15 781.1
27-Jul-06 3156.15 788.15
28-Jul-06 3130.8 795.5
31-Jul-06 3143.2 795
1-Aug-06 3147.8 781.15
2-Aug-06 3182.1 779.75
3-Aug-06 3190 797.85
4-Aug-06 3176.75 800.4
7-Aug-06 3151.1 803.5
8-Aug-06 3212.4 813.55
9-Aug-06 3254.6 808.85
10-Aug-06 3260.1 805.45
11-Aug-06 3274.35 810.65
14-Aug-06 3313.1 807.45
16-Aug-06 3356.05 846.15
17-Aug-06 3353.9 848.65
18-Aug-06 3356.75 841.1
21-Aug-06 3366 837.55
22-Aug-06 3364.6 858.7
23-Aug-06 3335.8 852.95
24-Aug-06 3370.4 853.35
25-Aug-06 3385.95 850
28-Aug-06 3401.1 845.45
29-Aug-06 3425.7 845.45
30-Aug-06 3430.35 840
31-Aug-06 3413.9 852.05
1-Sep-06 3435.45 876.25
4-Sep-06 3476.85 880.3
5-Sep-06 3473.75 874.7
6-Sep-06 3477.25 864
7-Sep-06 3454.55 848.75
8-Sep-06 3471.45 849.2
11-Sep-06 3366.15 822.8
12-Sep-06 3389.9 840.55
13-Sep-06 3454.55 873.8
14-Sep-06 3471.6 865.5
15-Sep-06 3478.6 877.9
18-Sep-06 3492.75 883.05
19-Sep-06 3457.35 881.05
20-Sep-06 3502.8 875.7
21-Sep-06 3553.05 883.45
22-Sep-06 3544.05 875.85
25-Sep-06 3523.45 878.3

14
 26-Sep-06 3571.75 888.65
27-Sep-06 3579.3 899.25
28-Sep-06 3571.75 929.1
29-Sep-06 3588.4 925.35
3-Oct-06 3569.6 919.75
4-Oct-06 3515.35 890.15
5-Oct-06 3564.9 931
9-Oct-06 3567.15 933.75
10-Oct-06 3571.05 929.9
11-Oct-06 3558.55 938
12-Oct-06 3621.05 965.85
13-Oct-06 3676.05 959.15
16-Oct-06 3723.95 987.75
17-Oct-06 3715 1048.8
18-Oct-06 3710.65 1007.8
19-Oct-06 3677.8 979.85
20-Oct-06 3676.85 963.5
21-Oct-06 3683.5 960.15
23-Oct-06 3657.3 960.95
26-Oct-06 3677.55 969.5
27-Oct-06 3739.35 999.8
30-Oct-06 3769.1 999.3
31-Oct-06 3744.1 1029.35
1-Nov-06 3767.05 1004.6
2-Nov-06 3791.2 998.95
3-Nov-06 3805.35 1010.55
6-Nov-06 3809.25 1001.55
7-Nov-06 3798.75 998.9
8-Nov-06 3777.3 994.85
9-Nov-06 3796.4 1002.6
10-Nov-06 3834.75 1017.8
13-Nov-06 3858.75 1044.5
14-Nov-06 3865.9 1055.8
15-Nov-06 3876.3 1065.65
16-Nov-06 3876.85 1076.45
17-Nov-06 3852.8 1144.35
20-Nov-06 3856.15 1126.55
21-Nov-06 3918.25 1086.5
22-Nov-06 3954.75 1092.4
23-Nov-06 3945.45 1077.5
24-Nov-06 3950.85 1113.05
27-Nov-06 3968.9 1106
28-Nov-06 3921.75 1110.95
29-Nov-06 3928.2 1087.2
30-Nov-06 3954.5 1087.35

15
 1-Dec-06 3997.6 1121.8
4-Dec-06 4001 1123.7
5-Dec-06 4015.75 1100.35
6-Dec-06 4015.95 1085.7
7-Dec-06 4015.35 1087.25
8-Dec-06 3962 1106.15
11-Dec-06 3849.5 1085.85
12-Dec-06 3716.9 1032.7
13-Dec-06 3765.2 1028.15
14-Dec-06 3843.05 1039.1
15-Dec-06 3888.65 1045.75
18-Dec-06 3928.75 1056.4
19-Dec-06 3832 1066.7
20-Dec-06 3815.55 1038.75
21-Dec-06 3833.5 1020.7
22-Dec-06 3871.15 1009.3
26-Dec-06 3940.5 1005.8
27-Dec-06 3974.25 1030.85
28-Dec-06 3970.55 1059.7
29-Dec-06 3966.4 1080.05
2-Jan-07 4007.4 1067.95
3-Jan-07 4024.05 1070
4-Jan-07 3988.8 1065.3
5-Jan-07 3983.4 1050.05
8-Jan-07 3933.4 1056.9
9-Jan-07 3911.4 1024.95
10-Jan-07 3850.3 1013.9
11-Jan-07 3942.25 998.65
12-Jan-07 4052.45 996.15
15-Jan-07 4078.4 1061.6
16-Jan-07 4080.5 1094
17-Jan-07 4076.45 1096.1
18-Jan-07 4109.05 1061.15
19-Jan-07 4090.15 1061.05
22-Jan-07 4102.45 1068.4
23-Jan-07 4066.1 1056.3
24-Jan-07 4089.9 1032.9
25-Jan-07 4147.7 1058.45
29-Jan-07 4124.45 1066.1
31-Jan-07 4082.7 1062.4
1-Feb-07 4137.2 1078.6
2-Feb-07 4183.5 1103.95
5-Feb-07 4215.35 1106.1
6-Feb-07 4195.9 1103.35
7-Feb-07 4224.25 1089.3

16
 8-Feb-07 4223.4 1101.95
9-Feb-07 4187.4 1109.8
12-Feb-07 4058.3 1113.8
13-Feb-07 4044.55 1096.05
14-Feb-07 4047.1 1068.7
15-Feb-07 4146.2 1017.25
19-Feb-07 4164.55 1041.8
20-Feb-07 4106.95 1033.25
21-Feb-07 4096.2 1031.6
22-Feb-07 4040 1016
23-Feb-07 3938.95 987.3
26-Feb-07 3942 958.2
27-Feb-07 3893.9 951.75
28-Feb-07 3745.3 975.9
1-Mar-07 3811.2 935
2-Mar-07 3726.75 980.3
5-Mar-07 3576.5 937.6
6-Mar-07 3655.65 928.05
7-Mar-07 3626.85 927.95
8-Mar-07 3761.65 915.55
9-Mar-07 3718 974.15
12-Mar-07 3734.6 976.9
13-Mar-07 3770.55 950.05
14-Mar-07 3641.1 960.15
15-Mar-07 3643.6 932.95
16-Mar-07 3608.55 918.4
19-Mar-07 3678.9 903.5
20-Mar-07 3697.6 924.65
21-Mar-07 3764.55 955.25
22-Mar-07 3875.9 965.6
23-Mar-07 3861.05 1025.9
26-Mar-07 3819.95 1011.15
28-Mar-07 3761.1 973.2
29-Mar-07 3798.1 958.45
30-Mar-07 3821.55 933.75
2-Apr-07 3633.6 954.15
3-Apr-07 3690.65 901.35
4-Apr-07 3733.25 914.2
5-Apr-07 3752 925.05
9-Apr-07 3843.5 942.6
10-Apr-07 3848.15 971.15
11-Apr-07 3862.65 991.95
12-Apr-07 3829.85 979.35
13-Apr-07 3917.35 958.35
16-Apr-07 4013.35 981.2

17
 17-Apr-07 3984.95 974.95
18-Apr-07 4011.6 978.05
19-Apr-07 3997.65 980.4
20-Apr-07 4083.55 982.45
23-Apr-07 4085.1 994.6
24-Apr-07 4141.8 986.8
25-Apr-07 4167.3 1013.75
26-Apr-07 4177.85 1031
27-Apr-07 4083.5 1034.45
30-Apr-07 4087.9 1014.6
3-May-07 4150.85 1024.15
4-May-07 4117.35 1004.6
7-May-07 4111.15 1007.75
8-May-07 4077 1000.05
9-May-07 4079.3 991.3
10-May-07 4066.8 994.7
11-May-07 4076.65 1011.8
14-May-07 4134.3 992.6
15-May-07 4120.3 995.9
16-May-07 4170.95 1011.05
17-May-07 4219.55 1035.45
18-May-07 4214.5 1042.05
21-May-07 4260.9 1070.3
22-May-07 4278.1 1106.8
23-May-07 4246.2 1115.1
24-May-07 4204.9 1114.65
25-May-07 4248.15 1091.15
28-May-07 4256.55 1069.2
29-May-07 4293.25 1127.15
30-May-07 4249.65 1144.4
31-May-07 4295.8 1104.05
1-Jun-07 4297.05 1147.6
4-Jun-07 4267.05 1153.45
5-Jun-07 4284.65 1168.4
6-Jun-07 4198.25 1159.6
7-Jun-07 4179.5 1127.2
8-Jun-07 4145 1105.55
11-Jun-07 4145.6 1090.95
12-Jun-07 4155.2 1097.35
13-Jun-07 4113.05 1088.15
14-Jun-07 4170 1082.9
15-Jun-07 4171.45 1096.4
18-Jun-07 4147.1 1110.35
19-Jun-07 4214.3 1088.45
20-Jun-07 4248.65 1099.95

18
 21-Jun-07 4267.4 1100.05
22-Jun-07 4252.05 1101.8
25-Jun-07 4259.4 1103
26-Jun-07 4285.7 1099.8
27-Jun-07 4263.95 1098.7
28-Jun-07 4282 1090.35
29-Jun-07 4318.3 1097.3
2-Jul-07 4313.75 1146.75
3-Jul-07 4357.55 1147.55
4-Jul-07 4359.3 1150.5
5-Jul-07 4353.95 1150.75
6-Jul-07 4384.85 1129.1
9-Jul-07 4419.4 1158.3
10-Jul-07 4406.05 1167.6
11-Jul-07 4387.15 1149.3
12-Jul-07 4446.15 1148.75
13-Jul-07 4504.55 1201.45
16-Jul-07 4512.15 1226.4
17-Jul-07 4496.75 1217.65
18-Jul-07 4499.55 1199.3
19-Jul-07 4562.1 1200.05
20-Jul-07 4566.05 1209.25
23-Jul-07 4619.35 1200.9
24-Jul-07 4620.75 1230.3
25-Jul-07 4588.7 1248.9
26-Jul-07 4619.8 1239.05
27-Jul-07 4445.2 1217.25
30-Jul-07 4440.05 1169.35
31-Jul-07 4528.85 1168.85
1-Aug-07 4345.85 1200.6
2-Aug-07 4356.35 1161.35
3-Aug-07 4401.55 1152.4
6-Aug-07 4339.5 1155
7-Aug-07 4356.35 1132.5
8-Aug-07 4462.1 1141.4
9-Aug-07 4403.2 1171.75
10-Aug-07 4333.35 1155.65
13-Aug-07 4373.65 1130.5
14-Aug-07 4370.2 1135.65
16-Aug-07 4178.6 1147.65
17-Aug-07 4108.05 1094
20-Aug-07 4209.05 1068.1
21-Aug-07 4074.9 1110.9
22-Aug-07 4153.15 1103.95
23-Aug-07 4114.95 1117.4

19
 24-Aug-07 4190.15 1100.15
27-Aug-07 4302.6 1097.7
28-Aug-07 4320.7 1119.6
29-Aug-07 4359.3 1150.6
30-Aug-07 4412.3 1162.55
31-Aug-07 4464 1180.6
3-Sep-07 4474.75 1171.7
4-Sep-07 4479.25 1176.4
5-Sep-07 4475.85 1176.45
6-Sep-07 4518.6 1172.45
7-Sep-07 4509.5 1184.6
10-Sep-07 4507.85 1196.55
11-Sep-07 4497.05 1196.1
12-Sep-07 4496.85 1187.8
13-Sep-07 4528.95 1182.15
14-Sep-07 4518 1213.5
17-Sep-07 4494.65 1232.7
18-Sep-07 4546.2 1226.15
19-Sep-07 4732.35 1231.15
20-Sep-07 4747.55 1324.3
21-Sep-07 4837.55 1326.2
24-Sep-07 4932.2 1318.45
25-Sep-07 4938.85 1346.5
26-Sep-07 4940.5 1396.35
27-Sep-07 5000.55 1375.7
28-Sep-07 5021.35 1433
1-Oct-07 5068.95 1435.6
3-Oct-07 5210.8 1411.65
4-Oct-07 5208.65 1424.8
5-Oct-07 5185.85 1409.7
8-Oct-07 5085.1 1403.15
9-Oct-07 5327.25 1407.35
10-Oct-07 5441.45 1421.15
11-Oct-07 5524.85 1416.95
12-Oct-07 5428.25 1460.7
15-Oct-07 5670.4 1432.7
16-Oct-07 5668.05 1499.2
17-Oct-07 5559.3 1507.75
18-Oct-07 5351 1462.75
19-Oct-07 5215.3 1388.2
22-Oct-07 5184 1366.35
23-Oct-07 5473.7 1371.9
24-Oct-07 5496.15 1488.2
25-Oct-07 5568.95 1513.95
26-Oct-07 5702.3 1554

20
 29-Oct-07 5905.9 1546.5
30-Oct-07 5868.75 1646.95
31-Oct-07 5900.65 1620.55
1-Nov-07 7163.3 1653.4
31-Oct-07 7121.96 1653.4
1-Nov-07 1690.2

Source: NSE

Exhibit 3: Daily Returns of HDFC Stock and Bombay Stock Exchange Sensitive
Index

BSE Returns HDFC Bank Returns

Date X Y
2-Jan-06 -0.08289 0.663139
3-Jan-06 1.58922 -0.02102
4-Jan-06 1.139593 2.628628
5-Jan-06 -0.31447 1.01769
6-Jan-06 0.234463 3.982421
9-Jan-06 -0.58961 -0.53319
10-Jan-06 -1.44155 -2.15729
12-Jan-06 -0.68203 -0.22717
13-Jan-06 -0.07132 -2.24335
16-Jan-06 -0.67206 1.575558
17-Jan-06 0.031575 1.025088
18-Jan-06 -0.82241 -0.5741
19-Jan-06 2.298342 -2.18209
20-Jan-06 0.752605 -0.45302
23-Jan-06 -0.58881 -0.77915
24-Jan-06 0.898266 -0.50035
25-Jan-06 1.422211 0.419053
27-Jan-06 1.910541 2.531646
30-Jan-06 -0.22045 0.875051
31-Jan-06 0.719462 2.54186
1-Feb-06 -0.6112 -3.10184
2-Feb-06 -0.1561 0.094748
3-Feb-06 -1.02897 -1.03448

21
 6-Feb-06 2.441242 1.769488
7-Feb-06 1.020598 3.484157
8-Feb-06 -0.37154 -1.07687
10-Feb-
06 0.658548 -0.05246
13-Feb-
06 0.615965 -2.04711
14-Feb-
06 -0.85145 0.194253
15-Feb-
06 0.26322 -0.55489
16-Feb-
06 0.109956 2.184874
17-Feb-
06 -1.41432 -2.32237
20-Feb-
06 0.983758 -2.71435
21-Feb-
06 0.881113 0.360011
22-Feb-
06 0.552807 0.255243
23-Feb-
06 0.192971 -0.6468
24-Feb-
06 -0.42259 -1.45439
27-Feb-
06 0.797294 2.347319
28-Feb-
06 0.857316 1.236009
1-Mar-06 1.882599 1.315879
2-Mar-06 0.580287 1.526411
3-Mar-06 -0.29501 0.19123
6-Mar-06 1.320664 0.052652
7-Mar-06 -0.09026 -0.30917
8-Mar-06 -2.02151 0.30353
9-Mar-06 0.615576 -1.29597
10-Mar-
06 1.81226 -0.15996
13-Mar-
06 0.3581 2.703605
14-Mar-
06 -0.01842 -0.94248
16-Mar-
06 0.713035 0.734908
17-Mar-
06 -0.17189 -0.43643
20-Mar-
06 0.746498 0.170101

22
 21-Mar-
06 -0.32821 -1.40422
22-Mar-
06 -0.5855 0.337838
23-Mar-
06 -0.00701 -2.03341
24-Mar-
06 1.01203 -0.95694
27-Mar-
06 1.175493 0.462679
28-Mar-
06 0.063273 0.602777
29-Mar-
06 0.879034 0.477986
30-Mar-
06 1.104844 4.455611
31-Mar-
06 -0.2395 -0.67351
3-Apr-06 2.521286 -0.05166
4-Apr-06 0.636871 7.624217
5-Apr-06 0.935641 0.978568
7-Apr-06 -1.34044 -2.77051
10-Apr-06 0.630833 0.929436
12-Apr-06 -2.63081 -1.97504
13-Apr-06 -1.04353 -0.62423
17-Apr-06 2.6915 1.324709
18-Apr-06 2.442789 2.436779
19-Apr-06 0.629443 1.683744
20-Apr-06 1.206878 0.176783
21-Apr-06 -0.07683 -0.15882
24-Apr-06 -0.95642 -3.09315
25-Apr-06 -2.25308 0.273589
26-Apr-06 2.504984 1.503668
27-Apr-06 -0.86702 -1.53515
28-Apr-06 0.142881 -0.83111
29-Apr-06 1.60843 1.033829
2-May-06 1.46331 3.087915
3-May-06 0.752448 1.397862
4-May-06 0.29982 2.380677
5-May-06 0.097752 -0.57709
8-May-06 0.831493 -0.29022
9-May-06 0.412358 -2.67664
10-May-
06 0.787287 2.157978
11-May-
06 -1.40315 -0.06314
12-May- -1.20865 0.551407

23
 06
15-May-
06 -3.76806 -3.62733
16-May-
06 0.435875 0.491968
17-May-
06 2.897826 -0.40109
18-May-
06 -6.76373 -2.91958
19-May-
06 -3.97509 -1.22003
22-May-
06 -4.1764 -2.80368
23-May-
06 3.253363 -0.73067
24-May-
06 -2.30652 -1.6129
25-May-
06 0.881194 -1.35961
26-May-
06 1.34095 2.08402
29-May-
06 0.405112 -1.24685
30-May-
06 -0.61282 -1.85791
31-May-
06 -3.59723 -0.65325
1-Jun-06 -3.14648 -0.87896
2-Jun-06 3.772159 3.574088
5-Jun-06 -2.27579 -3.35272
6-Jun-06 -2.50806 -2.27211
7-Jun-06 -2.0142 -0.25602
8-Jun-06 -4.72442 -3.89872
9-Jun-06 5.536365 2.89468
12-Jun-06 -3.40769 -2.86937
13-Jun-06 -4.36359 -5.86493
14-Jun-06 -1.46988 -1.9489
15-Jun-06 6.894273 9.194773
16-Jun-06 3.55629 5.274473
19-Jun-06 1.146541 0.245065
20-Jun-06 -1.75358 -3.71452
21-Jun-06 2.215521 0.014105
22-Jun-06 2.347975 3.08864
23-Jun-06 1.220528 2.524112
25-Jun-06 0.111813 -1.06085
26-Jun-06 -3.56163 2.717648
27-Jun-06 1.084937 -2.69827

24
 28-Jun-06 -0.20993 -1.94319
29-Jun-06 0.320444 3.123925
30-Jun-06 4.399557 6.218723
3-Jul-06 0.810708 -2.19235
4-Jul-06 -0.30892 1.123956
5-Jul-06 2.414319 2.559543
6-Jul-06 -1.38897 -0.91652
7-Jul-06 -2.40008 -2.5875
10-Jul-06 1.662967 -0.08982
11-Jul-06 -0.6547 -2.18983
12-Jul-06 2.974652 -0.04596
13-Jul-06 -0.65498 -1.95087
14-Jul-06 -1.66027 -2.28445
17-Jul-06 -3.60547 -2.99602
18-Jul-06 -0.64547 0.395788
19-Jul-06 -2.14574 -1.83738
20-Jul-06 3.453465 4.195353
21-Jul-06 -2.57927 -2.28509
24-Jul-06 1.283573 2.76819
25-Jul-06 1.960184 5.003427
26-Jul-06 1.936132 1.971279
27-Jul-06 1.170922 0.902573
28-Jul-06 -0.57124 0.932564
31-Jul-06 0.595961 -0.06285
1-Aug-06 0.072413 -1.74214
2-Aug-06 1.15824 -0.17922
3-Aug-06 0.431861 2.321257
4-Aug-06 -0.51862 0.319609
7-Aug-06 -0.49574 0.387306
8-Aug-06 1.871236 1.250778
9-Aug-06 1.182119 -0.57771
10-Aug-
06 0.0358 -0.42035
11-Aug-
06 0.38828 0.645602
14-Aug-
06 1.076886 -0.39474
16-Aug-
06 1.196147 4.792866
17-Aug-
06 0.254797 0.295456
18-Aug-
06 -0.10246 -0.88965
21-Aug-
06 0.400847 -0.42207
22-Aug- -0.0787 2.525222

25
 06
23-Aug-
06 -0.83433 -0.66962
24-Aug-
06 1.098482 0.046896
25-Aug-
06 0.34903 -0.39257
28-Aug-
06 0.408911 -0.53529
29-Aug-
06 0.75158 0
30-Aug-
06 0.145812 -0.64463
31-Aug-
06 -0.21213 1.434524
1-Sep-06 0.675012 2.840209
4-Sep-06 1.156306 0.462197
5-Sep-06 -0.08066 -0.63615
6-Sep-06 0.240327 -1.22328
7-Sep-06 -0.66503 -1.76505
8-Sep-06 0.546658 0.053019
11-Sep-
06 -3.08726 -3.10881
12-Sep-
06 0.95319 2.157268
13-Sep-
06 1.998149 3.955743
14-Sep-
06 0.666146 -0.94987
15-Sep-
06 0.305437 1.432698
18-Sep-
06 0.513839 0.586627
19-Sep-
06 -0.83529 -0.22649
20-Sep-
06 1.158434 -0.60723
21-Sep-
06 1.363681 0.885006
22-Sep-
06 -0.30544 -0.86026
25-Sep-
06 -0.51378 0.279728
26-Sep-
06 1.2098 1.178413
27-Sep-
06 0.371068 1.192821
28-Sep- 0.111831 3.319433

26
 06
29-Sep-
06 0.595118 -0.40362
3-Oct-06 -0.70682 -0.60518
4-Oct-06 -1.31308 -3.21827
5-Oct-06 1.519173 4.589114
6-Oct-06 -0.13399 0.295381
9-Oct-06 -0.05641 -0.41232
10-Oct-06 -0.01666 0.871061
11-Oct-06 -0.08315 2.969083
12-Oct-06 1.493424 -0.69369
13-Oct-06 1.582711 2.981807
16-Oct-06 1.505604 6.180714
17-Oct-06 -0.34305 -3.90923
18-Oct-06 -0.19676 -2.77337
19-Oct-06 -1.04904 -1.66862
20-Oct-06 -0.11153 -0.34769
21-Oct-06 0.215746 0.08332
23-Oct-06 -0.89143 0.889745
26-Oct-06 0.59517 3.125322
27-Oct-06 1.64115 -0.05001
30-Oct-06 0.909985 3.007105
31-Oct-06 -0.4788 -2.40443
1-Nov-06 0.548839 -0.56241
2-Nov-06 0.445637 1.161219
3-Nov-06 0.30303 -0.8906
6-Nov-06 0.42724 -0.26459
7-Nov-06 -0.22924 -0.40545
8-Nov-06 -0.6396 0.779012
9-Nov-06 0.497074 1.516058
10-Nov-
06 1.106909 2.623305
13-Nov-
06 0.87398 1.081857
14-Nov-
06 0.197776 0.932942
15-Nov-
06 0.326766 1.013466
16-Nov-
06 0.271134 6.307771
17-Nov-
06 -0.56575 -1.55547
20-Nov-
06 0.009159 -3.5551
21-Nov-
06 1.385333 0.543028

27
 22-Nov-
06 0.659187 -1.36397
23-Nov-
06 -0.1875 3.299304
24-Nov-
06 0.164464 -0.63339
27-Nov-
06 0.512722 0.447559
27-Nov-
06 -1.24615 -2.13781
28-Nov-
06 0.108661 0.013797
29-Nov-
06 0.584428 3.168253
30-Nov-
06 1.084015 0.169371
1-Dec-06 0.213438 -2.07796
4-Dec-06 0.456382 -1.33139
5-Dec-06 0.081434 0.142765
6-Dec-06 0.165101 1.738331
7-Dec-06 -1.2349 -1.83519
8-Dec-06 -2.89909 -4.89478
11-Dec-
06 -3.01811 -0.44059
12-Dec-
06 1.43378 1.06502
13-Dec-
06 2.320098 0.639977
14-Dec-
06 0.944306 1.018408
15-Dec-
06 0.856218 0.975009
18-Dec-
06 -2.54226 -2.62023
19-Dec-
06 -0.31236 -1.73767
20-Dec-
06 0.334702 -1.11688
21-Dec-
06 0.649092 -0.34677
22-Dec-
06 1.756269 2.490555
26-Dec-
06 1.104072 2.798661
27-Dec-
06 -0.09632 1.920355
28-Dec-
06 -0.42921 -1.12032

28
 29-Dec-
06 1.126648 0.191957
2-Jan-07 0.521294 -0.43925
3-Jan-07 -1.02184 -1.43152
4-Jan-07 -0.08067 0.65235
5-Jan-07 -1.50333 -3.02299
8-Jan-07 -0.62862 -1.0781
9-Jan-07 -1.50498 -1.50409
10-Jan-07 2.00978 -0.25034
11-Jan-07 3.123975 6.570296
12-Jan-07 0.520114 3.051997
15-Jan-07 -0.10552 0.191956
16-Jan-07 0.117678 -3.18858
17-Jan-07 0.611478 -0.00942
18-Jan-07 -0.24645 0.69271
19-Jan-07 0.187059 -1.13253
22-Jan-07 -1.18233 -2.21528
23-Jan-07 0.492976 2.473618
24-Jan-07 1.220796 0.722755
25-Jan-07 -0.49542 -0.34706
29-Jan-07 -0.85168 1.524849
31-Jan-07 1.250876 2.350269
1-Feb-07 0.957372 0.194755
2-Feb-07 0.778477 -0.24862
5-Feb-07 -0.25978 -1.27339
6-Feb-07 1.139231 1.161296
7-Feb-07 0.061189 0.712374
8-Feb-07 -0.77252 0.360425
9-Feb-07 -2.39495 -1.59364
12-Feb-
07 -0.70271 -2.49532
13-Feb-
07 -0.5754 -4.81426
14-Feb-
07 2.467184 2.413369
15-Feb-
07 0.329838 -0.82069
19-Feb-
07 -1.03812 -0.15969
20-Feb-
07 -0.45526 -1.51221
21-Feb-
07 -1.17828 -2.8248
22-Feb-
07 -2.77278 -2.94743
23-Feb-
07 0.124628 -0.67314

29
 26-Feb-
07 -1.25052 2.537431
27-Feb-
07 -4.01177 -4.191
28-Feb-
07 1.71169 4.84492
1-Mar-07 -2.07773 -4.35581
2-Mar-07 -3.65579 -1.01856
5-Mar-07 2.271841 -0.01078
6-Mar-07 -0.92415 -1.33628
7-Mar-07 3.732984 6.400524
8-Mar-07 -1.25953 0.282297
9-Mar-07 0.136903 -2.74849
12-Mar-
07 0.622741 1.063102
13-Mar-
07 -3.49196 -2.83289
14-Mar-
07 0.113571 -1.55957
15-Mar-
07 -0.90443 -1.62239
16-Mar-
07 1.726332 2.340897
19-Mar-
07 0.482009 3.30936
20-Mar-
07 1.888408 1.083486
21-Mar-
07 2.797415 6.244822
22-Mar-
07 -0.16607 -1.43776
23-Mar-
07 -1.2164 -3.75315
26-Mar-
07 -1.82851 -1.51562
28-Mar-
07 0.739813 -2.57708
29-Mar-
07 0.712191 2.184739
30-Mar-
07 -4.71791 -5.53372
2-Apr-07 1.35853 1.425639
3-Apr-07 1.284716 1.18683
4-Apr-07 0.542045 1.897195
5-Apr-07 2.502007 3.028856
9-Apr-07 0.089545 2.141791
10-Apr-07 -0.04777 -1.27023
11-Apr-07 -0.52665 -2.14428

30
12-Apr-07 2.060957 2.384306
13-Apr-07 2.327392 -0.63698
16-Apr-07 -0.64649 0.317965
17-Apr-07 0.478796 0.240274
18-Apr-07 -0.38392 0.209098
19-Apr-07 2.039032 1.236704
20-Apr-07 0.222487 -0.78423
23-Apr-07 1.496159 2.73105
24-Apr-07 0.57333 1.701603
25-Apr-07 0.078142 0.334627
26-Apr-07 -2.25106 -1.91889
27-Apr-07 -0.26034 0.941258
30-Apr-07 1.483813 -1.9089
3-May-07 -1.02243 0.313558
4-May-07 -0.39485 -0.76408
7-May-07 -0.81986 -0.87496
8-May-07 0.116596 0.342984
9-May-07 -0.07459 1.719111
10-May-
07 0.18103 -1.89761
11-May-
07 1.230052 0.33246
14-May-
07 -0.26157 1.521237
15-May-
07 1.421317 2.413333
16-May-
07 1.220331 0.637404
17-May-
07 0.025875 2.711002
18-May-
07 0.805332 3.410259
21-May-
07 0.243574 0.74991
22-May-
07 -0.62586 -0.04036
23-May-
07 -1.01056 -2.10829
24-May-
07 0.846385 -2.01164
25-May-
07 0.41455 5.41994
28-May-
07 0.766223 1.530409
29-May-
07 -0.66742 -3.52587
30-May- 0.923437 3.944568

31
 07
31-May-
07 0.180756 0.509759
1-Jun-07 -0.51459 1.296112
4-Jun-07 0.2707 -0.75317
5-Jun-07 -1.92005 -2.79407
6-Jun-07 -0.48927 -1.92069
7-Jun-07 -0.8626 -1.32061
8-Jun-07 0.139365 0.586645
11-Jun-07 0.33756 -0.83838
12-Jun-07 -0.90525 -0.48247
13-Jun-07 1.43319 1.246653
14-Jun-07 -0.28873 1.272346
15-Jun-07 -0.58301 -1.97235
18-Jun-07 1.52953 1.056548
19-Jun-07 0.814592 0.009091
20-Jun-07 0.605678 0.159084
21-Jun-07 -0.21987 0.108913
22-Jun-07 0.140731 -0.29012
25-Jun-07 0.092216 -0.10002
26-Jun-07 -0.48286 -0.75999
27-Jun-07 0.509387 0.63741
28-Jun-07 1.006166 4.506516
29-Jun-07 0.093853 0.069762
2-Jul-07 0.970046 0.257069
3-Jul-07 0.497957 0.02173
4-Jul-07 -0.12332 -1.88138
5-Jul-07 0.687867 2.586131
6-Jul-07 0.545371 0.802901
9-Jul-07 -0.23827 -1.56732
10-Jul-07 -0.6613 -0.04786
11-Jul-07 1.216717 4.587595
12-Jul-07 1.197187 2.076657
13-Jul-07 0.252083 -0.71347
16-Jul-07 -0.13977 -1.507
17-Jul-07 0.074232 0.062536
18-Jul-07 1.627065 0.766635
19-Jul-07 0.099163 -0.69051
20-Jul-07 1.070634 2.448164
23-Jul-07 0.398673 1.511826
24-Jul-07 -0.60519 -0.78869
25-Jul-07 0.490339 -1.75941
26-Jul-07 -3.43388 -3.9351
27-Jul-07 0.172896 -0.04276
30-Jul-07 1.900804 2.716345

32
 31-Jul-07 -3.95615 -3.2692
1-Aug-07 0.334298 -0.77065
2-Aug-07 1.018971 0.225616
3-Aug-07 -1.55479 -1.94805
6-Aug-07 0.199557 0.785872
7-Aug-07 2.512662 2.659015
8-Aug-07 -1.35766 -1.37401
9-Aug-07 -1.53575 -2.17626
10-Aug-
07 1.001866 0.455551
13-Aug-
07 -0.10854 1.056664
14-Aug-
07 -4.28441 -4.67477
16-Aug-
07 -1.50917 -2.36746
17-Aug-
07 2.022626 4.007115
20-Aug-
07 -3.03891 -0.62562
21-Aug-
07 1.855372 1.218352
22-Aug-
07 -0.5943 -1.54376
23-Aug-
07 1.841926 -0.2227
24-Aug-
07 2.894376 1.995081
27-Aug-
07 0.517505 2.768846
28-Aug-
07 0.495 1.038589
29-Aug-
07 0.858398 1.552621
30-Aug-
07 1.301834 -0.75385
31-Aug-
07 0.675323 0.401127
3-Sep-07 0.281091 0.00425
4-Sep-07 -0.12447 -0.34001
5-Sep-07 1.101634 1.036292
6-Sep-07 -0.16579 1.008779
7-Sep-07 0.041115 -0.03761
10-Sep-
07 -0.34661 -0.69392
11-Sep-
07 -0.24069 -0.47567
12-Sep- 0.703499 2.651948

33
 07
13-Sep-
07 -0.06814 1.5822
14-Sep-
07 -0.63683 -0.53135
17-Sep-
07 1.062213 0.40778
18-Sep-
07 4.171453 7.566097
19-Sep-
07 0.154386 0.143472
20-Sep-
07 1.322979 -0.58438
21-Sep-
07 1.700049 2.127498
24-Sep-
07 0.318833 3.702191
25-Sep-
07 0.129293 -1.47886
26-Sep-
07 1.354321 4.165152
27-Sep-
07 0.819448 0.181438
28-Sep-
07 0.21699 -1.66829
1-Oct-07 2.991698 0.931534
3-Oct-07 -0.39166 -1.0598
4-Oct-07 -0.02126 -0.46464
5-Oct-07 -1.58648 0.299327
8-Oct-07 4.509933 0.980566
9-Oct-07 2.067861 -0.29554
10-Oct-07 0.835127 3.087618
11-Oct-07 -2.09965 -1.91689
12-Oct-07 3.472657 4.641586
15-Oct-07 -0.03573 0.570304
16-Oct-07 -1.76382 -2.98458
17-Oct-07 -3.83328 -5.09656
18-Oct-07 -2.43583 -1.57398
19-Oct-07 0.307574 0.406192
22-Oct-07 4.9895 8.477294
23-Oct-07 0.108528 1.730278
24-Oct-07 1.393514 2.645398
25-Oct-07 2.516023 -0.48263
26-Oct-07 3.816939 6.495312
29-Oct-07 -0.97189 -1.60296
30-Oct-07 0.275381 2.02709

34
Source: NSE

Exhibit 4: Weekly stock prices of HDFC, Sensex, and Nifty for 2006-2007

HDFC Bank
Ltd Closing
Date NIFTY Price BSE Sensex
2-Jan-06 3352.66 713.45 9390.14
3-Jan-06 3408.7 713.3 9539.37
4-Jan-06 3433.58 732.05 9648.08
5-Jan-06 3428.2 739.5 9617.74
6-Jan-06 3444.93 768.95 9640.29
9-Jan-06 3440.32 764.85 9583.45
10-Jan-06 3393.86 748.35 9445.3
12-Jan-06 3370.1 746.65 9380.88
13-Jan-06 3369.92 729.9 9374.19
16-Jan-06 3350.35 741.4 9311.19
17-Jan-06 3345.62 749 9314.13
18-Jan-06 3322.39 744.7 9237.53
19-Jan-06 3395.3 728.45 9449.84
20-Jan-06 3430.9 725.15 9520.96
23-Jan-06 3410.92 719.5 9464.9
24-Jan-06 3439.52 715.9 9549.92
25-Jan-06 3478.06 718.9 9685.74
27-Jan-06 3528.22 737.1 9870.79
30-Jan-06 3518.46 743.55 9849.03
31-Jan-06 3549.92 762.45 9919.89
1-Feb-06 3516.06 738.8 9859.26
2-Feb-06 3511.21 739.5 9843.87
3-Feb-06 3479.44 731.85 9742.58
6-Feb-06 3550.26 744.8 9980.42
7-Feb-06 3573.51 770.75 10082.28
8-Feb-06 3560.32 762.45 10044.82
10-Feb-06 3582.33 762.05 10110.97
13-Feb-06 3598.93 746.45 10173.25
14-Feb-06 3571.01 747.9 10086.63

35
 15-Feb-06 3576.51 743.75 10113.18
16-Feb-06 3575.8 760 10124.3
17-Feb-06 3528.34 742.35 9981.11
20-Feb-06 3557.93 722.2 10079.3
21-Feb-06 3593.03 724.8 10168.11
22-Feb-06 3611.14 726.65 10224.32
23-Feb-06 3624.52 721.95 10244.05
24-Feb-06 3610.25 711.45 10200.76
27-Feb-06 3630.85 728.15 10282.09
28-Feb-06 3639.43 737.15 10370.24
1-Mar-06 3696.72 746.85 10565.47
2-Mar-06 3729.39 758.25 10626.78
3-Mar-06 3725.42 759.7 10595.43
6-Mar-06 3776.38 760.1 10735.36
7-Mar-06 3767.38 757.75 10725.67
8-Mar-06 3689.14 760.05 10508.85
9-Mar-06 3703.82 750.2 10573.54
10-Mar-06 3768.69 749 10765.16
13-Mar-06 3790.88 769.25 10803.71
14-Mar-06 3782.24 762 10801.72
16-Mar-06 3819.23 767.6 10878.74
17-Mar-06 3828.05 764.25 10860.04
20-Mar-06 3865.45 765.55 10941.11
21-Mar-06 3861.49 754.8 10905.2
22-Mar-06 3835.71 757.35 10841.35
23-Mar-06 3844 741.95 10840.59
24-Mar-06 3883.16 734.85 10950.3
27-Mar-06 3932.71 738.25 11079.02
28-Mar-06 3936.68 742.7 11086.03
29-Mar-06 3971.57 746.25 11183.48
30-Mar-06 4048.24 779.5 11307.04
31-Mar-06 4028.82 774.25 11279.96
3-Apr-06 4112.59 773.85 11564.36
4-Apr-06 4124.25 832.85 11638.01
5-Apr-06 4157.11 841 11746.9
7-Apr-06 4090.68 817.7 11589.44
10-Apr-06 4118.69 825.3 11662.55
12-Apr-06 4002.12 809 11355.73
13-Apr-06 3961.27 803.95 11237.23
17-Apr-06 4055.58 814.6 11539.68
18-Apr-06 4165.64 834.45 11821.57
19-Apr-06 4186.65 848.5 11895.98
20-Apr-06 4231.23 850 12039.55
21-Apr-06 4230.7 848.65 12030.3
24-Apr-06 4202.1 822.4 11915.24

36
 25-Apr-06 4100.25 824.65 11646.78
26-Apr-06 4210.49 837.05 11938.53
27-Apr-06 4154.07 824.2 11835.02
28-Apr-06 4155.54 817.35 11851.93
29-Apr-06 4213.88 825.8 12042.56
2-May-06 4270.56 851.3 12218.78
3-May-06 4304.67 863.2 12310.72
4-May-06 4321.72 883.75 12347.63
5-May-06 4340.14 878.65 12359.7
8-May-06 4374.73 876.1 12462.47
9-May-06 4407.18 852.65 12513.86
10-May-06 4447.1 871.05 12612.38
11-May-06 4384.45 870.5 12435.41
12-May-06 4324.1 875.3 12285.11
15-May-06 4149.84 843.55 11822.2
16-May-06 4173.95 847.7 11873.73
17-May-06 4306.39 844.3 12217.81
18-May-06 4015 819.65 11391.43
19-May-06 3846.76 809.65 10938.61
22-May-06 3650.63 786.95 10481.77
23-May-06 3790.43 781.2 10822.78
24-May-06 3691.15 768.6 10573.15
25-May-06 3767.26 758.15 10666.32
26-May-06 3806.63 773.95 10809.35
29-May-06 3812.92 764.3 10853.14
30-May-06 3777.81 750.1 10786.63
31-May-06 3642.31 745.2 10398.61
1-Jun-06 3516.37 738.65 10071.42
2-Jun-06 3669.62 765.05 10451.33
5-Jun-06 3580.95 739.4 10213.48
6-Jun-06 3486.76 722.6 9957.32
7-Jun-06 3395.53 720.75 9756.76
8-Jun-06 3233.97 692.65 9295.81
9-Jun-06 3402.47 712.7 9810.46
12-Jun-06 3296.29 692.25 9476.15
13-Jun-06 3161.5 651.65 9062.65
14-Jun-06 3125.3 638.95 8929.44
15-Jun-06 3322.86 697.7 9545.06
16-Jun-06 3432.03 734.5 9884.51
19-Jun-06 3465.15 736.3 9997.84
20-Jun-06 3399.1 708.95 9822.52
21-Jun-06 3473.05 709.05 10040.14
22-Jun-06 3557.96 730.95 10275.88
23-Jun-06 3616.01 749.4 10401.3
25-Jun-06 3625.04 741.45 10412.93

37
 26-Jun-06 3497.76 761.6 10042.06
27-Jun-06 3544.41 741.05 10151.01
28-Jun-06 3542.81 726.65 10129.7
29-Jun-06 3565.64 749.35 10162.16
30-Jun-06 3721.71 795.95 10609.25
3-Jul-06 3748.77 778.5 10695.26
4-Jul-06 3734.14 787.25 10662.22
5-Jul-06 3803.68 807.4 10919.64
6-Jul-06 3756.97 800 10767.97
7-Jul-06 3661.52 779.3 10509.53
10-Jul-06 3742.39 778.6 10684.3
11-Jul-06 3711.6 761.55 10614.35
12-Jul-06 3806.59 761.2 10930.09
13-Jul-06 3774.9 746.35 10858.5
14-Jul-06 3720.7 729.3 10678.22
17-Jul-06 3582.75 707.45 10293.22
18-Jul-06 3566.19 710.25 10226.78
19-Jul-06 3493.65 697.2 10007.34
20-Jul-06 3601.22 726.45 10352.94
21-Jul-06 3508.38 709.85 10085.91
24-Jul-06 3557.04 729.5 10215.37
25-Jul-06 3622.15 766 10415.61
26-Jul-06 3705.12 781.1 10617.27
27-Jul-06 3759.92 788.15 10741.59
28-Jul-06 3730.68 795.5 10680.23
31-Jul-06 3745.46 795 10743.88
1-Aug-06 3750.94 781.15 10751.66
2-Aug-06 3791.81 779.75 10876.19
3-Aug-06 3801.22 797.85 10923.16
4-Aug-06 3785.43 800.4 10866.51
7-Aug-06 3754.87 803.5 10812.64
8-Aug-06 3829.33 813.55 11014.97
9-Aug-06 3880.02 808.85 11145.18
10-Aug-06 3887.22 805.45 11149.17
11-Aug-06 3904.83 810.65 11192.46
14-Aug-06 3952.53 807.45 11312.99
16-Aug-06 4003.77 846.15 11448.31
17-Aug-06 4001.21 848.65 11477.48
18-Aug-06 4005.15 841.1 11465.72
21-Aug-06 4016.18 837.55 11511.68
22-Aug-06 4014.51 858.7 11502.62
23-Aug-06 3980.36 852.95 11406.65
24-Aug-06 4021.65 853.35 11531.95
25-Aug-06 4040.2 850 11572.2
28-Aug-06 4058.28 845.45 11619.52

38
 29-Aug-06 4087.63 845.45 11706.85
30-Aug-06 4093.18 840 11723.92
31-Aug-06 4073.55 852.05 11699.05
1-Sep-06 4099.37 876.25 11778.02
4-Sep-06 4148.77 880.3 11914.21
5-Sep-06 4145.07 874.7 11904.6
6-Sep-06 4155.31 864 11933.21
7-Sep-06 4128.48 848.75 11853.85
8-Sep-06 4148.68 849.2 11918.65
11-Sep-06 4022.83 822.8 11550.69
12-Sep-06 4051.22 840.55 11660.79
13-Sep-06 4128.48 873.8 11893.79
14-Sep-06 4148.85 865.5 11973.02
15-Sep-06 4157.22 877.9 12009.59
18-Sep-06 4174.26 883.05 12071.3
19-Sep-06 4131.95 881.05 11970.47
20-Sep-06 4186.27 875.7 12109.14
21-Sep-06 4246.33 883.45 12274.27
22-Sep-06 4235.96 875.85 12236.78
25-Sep-06 4211.34 878.3 12173.91
26-Sep-06 4269.07 888.65 12321.19
27-Sep-06 4278.1 899.25 12366.91
28-Sep-06 4269.07 929.1 12380.74
29-Sep-06 4288.97 925.35 12454.42
3-Oct-06 4266.5 919.75 12366.39
4-Oct-06 4201.66 890.15 12204.01
5-Oct-06 4260.89 931 12389.41
6-Oct-06 4266.62 933.75 12372.81
9-Oct-06 4263.57 929.9 12365.83
10-Oct-06 4268.24 938 12363.77
11-Oct-06 4253.3 965.85 12353.49
12-Oct-06 4328 959.15 12537.98
13-Oct-06 4393.74 987.75 12736.42
16-Oct-06 4450.99 1048.8 12928.18
17-Oct-06 4440.29 1007.8 12883.83
18-Oct-06 4435.09 979.85 12858.48
19-Oct-06 4396.38 963.5 12723.59
20-Oct-06 4395.51 960.15 12709.4
21-Oct-06 4403.46 960.95 12736.82
23-Oct-06 4372.72 969.5 12623.28
26-Oct-06 4396.93 999.8 12698.41
27-Oct-06 4470.82 999.3 12906.81
30-Oct-06 4506.39 1029.35 13024.26
31-Oct-06 4476.5 1004.6 12961.9
1-Nov-06 4503.94 998.95 13033.04

39
 2-Nov-06 4533.42 1010.55 13091.12
3-Nov-06 4550.45 1001.55 13130.79
6-Nov-06 4555.12 998.9 13186.89
7-Nov-06 4542.56 994.85 13156.66
8-Nov-06 4516.91 1002.6 13072.51
9-Nov-06 4539.88 1017.8 13137.49
10-Nov-06 4585.74 1044.5 13282.91
13-Nov-06 4614.44 1055.8 13399
14-Nov-06 4622.99 1065.65 13425.5
15-Nov-06 4635.61 1076.45 13469.37
16-Nov-06 4636.27 1144.35 13505.89
17-Nov-06 4607.51 1126.55 13429.48
20-Nov-06 4611.51 1086.5 13430.71
21-Nov-06 4685.78 1092.4 13616.77
22-Nov-06 4729.43 1077.5 13706.53
23-Nov-06 4718.31 1113.05 13680.83
24-Nov-06 4724.76 1106 13703.33
27-Nov-06 4689.96 1110.95 13773.59
28-Nov-06 4697.68 1087.2 13601.95
29-Nov-06 4729.13 1087.35 13616.73
30-Nov-06 4780.67 1121.8 13696.31
1-Dec-06 4785 1123.7 13844.78
4-Dec-06 4802.64 1100.35 13874.33
5-Dec-06 4802.88 1085.7 13937.65
6-Dec-06 4802.16 1087.25 13949
7-Dec-06 4738.36 1106.15 13972.03
8-Dec-06 4603.81 1085.85 13799.49
11-Dec-06 4445.23 1032.7 13399.43
12-Dec-06 4502.99 1028.15 12995.02
13-Dec-06 4596.1 1039.1 13181.34
14-Dec-06 4650.63 1045.75 13487.16
15-Dec-06 4704.24 1056.4 13614.52
18-Dec-06 4588.39 1066.7 13731.09
19-Dec-06 4568.69 1038.75 13382.01
20-Dec-06 4590.19 1020.7 13340.21
21-Dec-06 4635.27 1009.3 13384.86
22-Dec-06 4718.31 1005.8 13471.74
26-Dec-06 4767.87 1030.85 13708.34
27-Dec-06 4763.43 1059.7 13859.69
28-Dec-06 4758.45 1080.05 13846.34
29-Dec-06 4807.77 1067.95 13786.91
2-Jan-07 4827.74 1070 13942.24
3-Jan-07 4785.45 1065.3 14014.92
4-Jan-07 4778.97 1050.05 13871.71
5-Jan-07 4718.99 1056.9 13860.52

40
 8-Jan-07 4692.59 1024.95 13652.15
9-Jan-07 4619.29 1013.9 13566.33
10-Jan-07 4729.61 998.65 13362.16
11-Jan-07 4861.82 996.15 13630.71
12-Jan-07 4893.39 1061.6 14056.53
15-Jan-07 4895.91 1094 14129.64
16-Jan-07 4891.05 1096.1 14114.73
17-Jan-07 4930.16 1061.15 14131.34
18-Jan-07 4907.74 1061.05 14217.75
19-Jan-07 4923.09 1068.4 14182.71
22-Jan-07 4879.47 1056.3 14209.24
23-Jan-07 4908.03 1032.9 14041.24
24-Jan-07 4977.39 1058.45 14110.46
25-Jan-07 4949.49 1066.1 14282.72
29-Jan-07 4899.39 1062.4 14211.96
31-Jan-07 4966.14 1078.6 14090.92
1-Feb-07 5021.71 1103.95 14267.18
2-Feb-07 5059.94 1106.1 14403.77
5-Feb-07 5037.05 1103.35 14515.9
6-Feb-07 5071.08 1089.3 14478.19
7-Feb-07 5070.06 1101.95 14643.13
8-Feb-07 5026.84 1109.8 14652.09
9-Feb-07 4879.72 1113.8 14538.9
12-Feb-07 4863.8 1096.05 14190.7
13-Feb-07 4867.12 1068.7 14090.98
14-Feb-07 4986.3 1017.25 14009.9
15-Feb-07 5008.75 1041.8 14355.55
19-Feb-07 4939.47 1033.25 14402.9
20-Feb-07 4926.78 1031.6 14253.38
21-Feb-07 4859.19 1016 14188.49
22-Feb-07 4737.65 987.3 14021.31
23-Feb-07 4741.32 958.2 13632.53
26-Feb-07 4683.46 951.75 13649.52
27-Feb-07 4504.73 975.9 13478.83
28-Feb-07 4583.99 935 12938.09
1-Mar-07 4482.42 980.3 13159.55
2-Mar-07 4301.7 937.6 12886.13
5-Mar-07 4396.9 928.05 12415.04
6-Mar-07 4362.36 927.95 12697.09
7-Mar-07 4524.5 915.55 12579.75
8-Mar-07 4472.42 974.15 13049.35
9-Mar-07 4492.39 976.9 12884.99
12-Mar-07 4535.63 950.05 12902.63
13-Mar-07 4380.97 960.15 12982.98
14-Mar-07 4384.74 932.95 12529.62

41
 15-Mar-07 4343.36 918.4 12543.85
16-Mar-07 4428.04 903.5 12430.4
19-Mar-07 4450.55 924.65 12644.99
20-Mar-07 4534.62 955.25 12705.94
21-Mar-07 4668.95 965.6 12945.88
22-Mar-07 4651.43 1025.9 13308.03
23-Mar-07 4603.34 1011.15 13285.93
26-Mar-07 4533.03 973.2 13124.32
28-Mar-07 4577.63 958.45 12884.34
29-Mar-07 4605.89 933.75 12979.66
30-Mar-07 4379.37 954.15 13072.1
2-Apr-07 4448.12 901.35 12455.37
3-Apr-07 4499.91 914.2 12624.58
4-Apr-07 4522.51 925.05 12786.77
5-Apr-07 4632.8 942.6 12856.08
9-Apr-07 4638.41 971.15 13177.74
10-Apr-07 4655.88 991.95 13189.54
11-Apr-07 4616.35 979.35 13183.24
12-Apr-07 4721.82 958.35 13113.81
13-Apr-07 4837.53 981.2 13384.08
16-Apr-07 4803.3 974.95 13695.58
17-Apr-07 4835.42 978.05 13607.04
18-Apr-07 4818.61 980.4 13672.19
19-Apr-07 4923.47 982.45 13619.7
20-Apr-07 4931.08 994.6 13897.41
23-Apr-07 4999.52 986.8 13928.33
24-Apr-07 5030.3 1013.75 14136.72
25-Apr-07 5043.03 1031 14217.77
26-Apr-07 4929.15 1034.45 14228.88
27-Apr-07 4934.46 1014.6 13908.58
30-Apr-07 5010.44 1024.15 13872.37
3-May-07 4970 1004.6 14078.21
4-May-07 4962.52 1007.75 13934.27
7-May-07 4921.3 1000.05 13879.25
8-May-07 4924.08 991.3 13765.46
9-May-07 4908.99 994.7 13781.51
10-May-07 4920.88 1011.8 13771.23
11-May-07 4990.55 992.6 13796.16
14-May-07 4973.65 995.9 13965.86
15-May-07 5034.79 1011.05 13929.33
16-May-07 5093.9 1035.45 14127.31
17-May-07 5087.8 1042.05 14299.71
18-May-07 5143.81 1070.3 14303.41
21-May-07 5164.58 1106.8 14418.6
22-May-07 5126.07 1115.1 14453.72

42
 23-May-07 5076.21 1114.65 14363.26
24-May-07 5128.42 1091.15 14218.11
25-May-07 5138.56 1069.2 14338.45
28-May-07 5182.87 1127.15 14397.89
29-May-07 5130.23 1144.4 14508.21
30-May-07 5185.95 1104.05 14411.38
31-May-07 5188.58 1147.6 14544.46
1-Jun-07 5152.36 1153.45 14570.75
4-Jun-07 5173.61 1168.4 14495.77
5-Jun-07 5069.99 1159.6 14535.01
6-Jun-07 5047.71 1127.2 14255.93
7-Jun-07 5007.87 1105.55 14186.18
8-Jun-07 5008.59 1090.95 14063.81
11-Jun-07 5021.28 1097.35 14083.41
12-Jun-07 4971.76 1088.15 14130.95
13-Jun-07 5042.38 1082.9 14003.03
14-Jun-07 5044.9 1096.4 14203.72
15-Jun-07 5015.45 1110.35 14162.71
18-Jun-07 5096.72 1088.45 14080.14
19-Jun-07 5138.26 1099.95 14295.5
20-Jun-07 5160.94 1100.05 14411.95
21-Jun-07 5142.38 1101.8 14499.24
22-Jun-07 5151.26 1103 14467.36
25-Jun-07 5183.07 1099.8 14487.72
26-Jun-07 5156.77 1098.7 14501.08
27-Jun-07 5179.91 1090.35 14431.06
28-Jun-07 5223.82 1097.3 14504.57
29-Jun-07 5218.32 1146.75 14650.51
2-Jul-07 5271.3 1147.55 14664.26
3-Jul-07 5273.42 1150.5 14806.51
4-Jul-07 5267.33 1150.75 14880.24
5-Jul-07 5304.84 1129.1 14861.89
6-Jul-07 5346.64 1158.3 14964.12
9-Jul-07 5331.14 1167.6 15045.73
10-Jul-07 5308.27 1149.3 15009.88
11-Jul-07 5379.66 1148.75 14910.62
12-Jul-07 5450.57 1201.45 15092.04
13-Jul-07 5462.01 1226.4 15272.72
16-Jul-07 5443.84 1217.65 15311.22
17-Jul-07 5447.23 1199.3 15289.82
18-Jul-07 5522.95 1200.05 15301.17
19-Jul-07 5527.74 1209.25 15550.13
20-Jul-07 5592.26 1200.9 15565.55
23-Jul-07 5593.96 1230.3 15732.2
24-Jul-07 5555.16 1248.9 15794.92

43
 25-Jul-07 5592.81 1239.05 15699.33
26-Jul-07 5381.97 1217.25 15776.31
27-Jul-07 5375.74 1169.35 15234.57
30-Jul-07 5483.25 1168.85 15260.91
31-Jul-07 5261.69 1200.6 15550.99
1-Aug-07 5274.76 1161.35 14935.77
2-Aug-07 5330.23 1152.4 14985.7
3-Aug-07 5255.08 1155 15138.4
6-Aug-07 5276.76 1132.5 14903.03
7-Aug-07 5406.51 1141.4 14932.77
8-Aug-07 5335.14 1171.75 15307.98
9-Aug-07 5250.51 1155.65 15100.15
10-Aug-07 5299.34 1130.5 14868.25
13-Aug-07 5295.27 1135.65 15017.21
14-Aug-07 5063.42 1147.65 15000.91
16-Aug-07 4978.73 1094 14358.21
17-Aug-07 5101.1 1068.1 14141.52
20-Aug-07 4938.51 1110.9 14427.55
21-Aug-07 5033.64 1103.95 13989.11
22-Aug-07 4987.63 1117.4 14248.66
23-Aug-07 5078.77 1100.15 14163.98
24-Aug-07 5215.11 1097.7 14424.87
27-Aug-07 5237.01 1119.6 14842.38
28-Aug-07 5283.81 1150.6 14919.19
29-Aug-07 5348.64 1162.55 14993.04
30-Aug-07 5411.29 1180.6 15121.74
31-Aug-07 5424.33 1171.7 15318.6
3-Sep-07 5430.49 1176.4 15422.05
4-Sep-07 5426.37 1176.45 15465.4
5-Sep-07 5478.17 1172.45 15446.15
6-Sep-07 5467.13 1184.6 15616.31
7-Sep-07 5470.46 1196.55 15590.42
10-Sep-07 5457.35 1196.1 15596.83
11-Sep-07 5457.12 1187.8 15542.77
12-Sep-07 5496.07 1182.15 15505.36
13-Sep-07 5483.09 1213.5 15614.44
14-Sep-07 5454.74 1232.7 15603.8
17-Sep-07 5517.33 1226.15 15504.43
18-Sep-07 5743.32 1231.15 15669.12
19-Sep-07 5761.77 1324.3 16322.75
20-Sep-07 5871 1326.2 16347.95
21-Sep-07 5985.91 1318.45 16564.23
24-Sep-07 5993.99 1346.5 16845.83
25-Sep-07 5995.94 1396.35 16899.54
26-Sep-07 6068.83 1375.7 16921.39

44
 27-Sep-07 6094.11 1433 17150.56
28-Sep-07 6151.88 1435.6 17291.1
1-Oct-07 6323.99 1411.65 17328.62
3-Oct-07 6321.38 1424.8 17847.04
4-Oct-07 6293.71 1409.7 17777.14
5-Oct-07 6171.46 1403.15 17773.36
8-Oct-07 6465.33 1407.35 17491.39
9-Oct-07 6603.91 1421.15 18280.24
10-Oct-07 6705.13 1416.95 18658.25
11-Oct-07 6587.9 1460.7 18814.07
12-Oct-07 6881.82 1432.7 18419.04
15-Oct-07 6878.92 1499.2 19058.67
16-Oct-07 6746.99 1507.75 19051.86
17-Oct-07 6494.74 1462.75 18715.82
18-Oct-07 6330.03 1388.2 17998.39
19-Oct-07 6292.55 1366.35 17559.98
22-Oct-07 6644.48 1371.9 17613.99
23-Oct-07 6671.7 1488.2 18492.84
24-Oct-07 6760.63 1513.95 18512.91
25-Oct-07 6922.5 1554 18770.89
26-Oct-07 7169.67 1546.5 19243.17
29-Oct-07 7124.58 1646.95 19977.67
30-Oct-07 7163.3 1620.55 19783.51
31-Oct-07 7121.96 1653.4 19837.99

Source: NSE

Exhibit 5: Monthly returns of HDFC, Sensex and Nifty, 2002-07

Nifty HDFC Bank BSE Index

Returns Returns Returns
Nov-02 10.3736 2.7390 9.4300
Dec-02 2.3972 10.8517 3.2694
Jan-03 -5.2993 9.9722 -4.1220
Feb-03 0.7676 4.8688 0.1168
Mar-03 -7.6168 -3.4177 -6.9738
Apr-03 -5.1052 5.4204 -3.9326

45
May-03 7.3004 -2.9691 7.2176
Jun-03 11.7224 5.9754 12.4985
Jul-03 4.8775 1.5888 5.2208
Aug-03 13.4476 3.4910 11.2552
Sep-03 2.9907 -1.2390 2.9708
Oct-03 9.5049 11.5799 10.1410
Nov-03 0.8491 -5.2895 -0.3597
Dec-03 13.3985 17.3012 13.1395
Jan-04 -5.3602 -5.9185 -3.7157
Feb-04 1.7694 11.2712 0.8278
Mar-04 -4.3612 0.0528 -3.9939
Apr-04 -1.2942 -1.6391 -1.4939
May-04 -16.0242 -7.0152 -14.7784
Jun-04 -0.1525 5.1928 -0.8202
Jul-04 6.1866 0.9688 6.0785
Aug-04 -0.4454 -1.1428 -0.2009
Sep-04 6.7290 9.0761 7.1535
Oct-04 0.6619 1.0590 -0.0576
Nov-04 8.9584 17.8410 9.2949
Dec-04 6.0371 7.4992 6.0191
Jan-05 -2.7139 7.4917 -1.8454
Feb-05 2.1069 4.8469 2.4630
Mar-05 -2.3388 -5.6618 -2.3795
Apr-05 -7.9873 -3.0006 -6.8221
May-05 8.9109 -0.0371 8.3930
Jun-05 6.3735 18.6771 6.8939
Jul-05 4.5391 13.1705 5.8891
Aug-05 2.8731 -5.3585 1.7730
Sep-05 8.1326 8.4355 9.6282
Oct-05 -9.8515 -10.3451 -9.2592
Nov-05 11.1239 9.1270 10.6332
Dec-05 5.0983 1.7223 5.0661
Jan-06 5.8234 6.8680 5.6416
Feb-06 3.4713 -0.2233 5.1827
Mar-06 8.9478 3.6687 6.7625
Apr-06 2.4271 6.7132 4.1351
May-06 -14.8220 -12.4633 -14.8965
Jun-06 5.6022 7.7574 5.3402
Jul-06 -0.2460 2.1195 0.4546
Aug-06 8.4535 9.0764 8.8116
Sep-06 4.4521 5.6034 5.7429
Oct-06 4.8885 11.9163 5.3198
Nov-06 4.9760 8.2371 5.0520
Dec-06 -0.7805 -3.7217 1.0954
Jan-07 1.8790 -0.5197 3.0830

46
Feb-07 -9.4726 -9.5216 -4.3439
Mar-07 0.2716 -0.1337 0.3213
Apr-07 12.5028 6.3355 6.3990
May-07 3.4921 7.8016 3.8855
Jun-07 0.4945 -4.3831 -0.2743
Jul-07 0.7441 4.6959 6.1464
Aug-07 2.7187 -1.6658 -2.7603
Sep-07 12.2152 22.3009 11.9591
Oct-07 16.4077 12.8831 14.4144

Source: NSE

47