Shares of HDFC Bank hit a record high of Rs 519.50 in early trade on the Bombay Stock Exchange today ahead of the lender’s first quarter results.

Shares of the company opened on a bullish note and immediately surged to a 52-week high of Rs 519.50 apiece on the Bombay Stock Exchange.

However, they later pared some of its gains and were later trading at Rs 513.95, down 0.09 per cent from their previous closing price.

Marketmen said the rally in the stock was largely because the street is expecting a good showing by HDFC Bank, which is scheduled to report its financial results for the first quarter ended June 30 on Tuesday.