Bengaluru: The People’s Bank of China increased its stake in Housing Development Finance Corporation (HDFC) to 1.01 per cent from 0.8 per cent, the mortgage lender said in a filing on Saturday.
China’s central bank held about 17.5 million shares in HDFC, as of March-end, according to quarterly data filed to exchanges by India’s biggest mortgage lender.
Shares in the Mumbai-based company rose as much as 3.5 per cent in early trade, but gave up gains to trade 2.4 per cent down by 9:35 am. This compared with the Nifty 50 index that was trading down 1.7 per cent.
A selloff in broader markets over fears of the economic fallout from the coronavirus pandemic wiped out over 25 per cent off the mortgage lender’s stock value in March.
Source By NDTV