The brokerage firm highlighted potential pressure on net interest margins (NIM) over the next two to three quarters as HDFC Ltd's Q2FY24 opening book NIMs are at 2 percent versus 2.7 percent in Q1. Nomura also pointed out four negative surprises from the analyst meeting: net worth adjustments having a negative 4 percent impact on FY24F BVPS, NIM cuts of 25bp in FY24F and 15-20bp in FY25-26F due to excess liquidity and accounting adjustments, higher cost-to-income due to accounting changes, and a sharp uptick in NPAs in HDFC Ltd's corporate loan book. The merger's impact on HDFC Bank's shares was also reflected in the broader market, with the Sensex falling about 1% and trading below the 67,000 mark, while the Nifty 50 fell below the 20,000 mark to hit a low of 19,927. HDFC Bank was also the top loser in Nifty 50 on Wednesday, with around 16 million shares changing hands on the NSE as of 9:50 am IST.