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The People’s Bank of China increased its stake in Housing Development Finance Corp Ltd (HDFC.NS) to 1.01% from 0.8%, said the Indian lender.
The Chinese national flag flies at half-staff at the headquarters of the People’s Bank of China, the central bank (PBOC), as China celebrates a national mourning for those who died from Covid-19. (Photo: Reuters)
The People’s Bank of China increased its stake in Housing Development Finance Corp Ltd (HDFC.NS) to 1.01% from 0.8%, the Indian lender said in a presentation on Saturday.
China’s central bank had around 17.5 million shares in HDFCs as of the end of March, according to quarterly data released bit.ly/2yNDdm3 to the exchanges of India’s largest mortgage lender.
Shares of the Mumbai-based company rose as much as 3.5% in early trading, but abandoned earnings to trade 2.4% for 0405 GMT. This compares to the Nifty 50 .NSEI index, which was trading down 1.7%.
A sell-off in broader markets for fear of the economic consequences of the coronavirus pandemic removed more than 25% of the value of the Indian lender’s shares in March.
