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China Central Bank Raises Stake In India's HDFC
Shares of the Mumbai-based company rose as much as 3.5% in early trade, but gave up gains to trade 2.4% down by 0405 GMT.
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The People's Bank of China increased its stake in Housing Development Finance Corp Ltd to 1.01% from 0.8%, the Indian 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 of the Mumbai-based company rose as much as 3.5% in early trade, but gave up gains to trade 2.4% down by 0405 GMT. This compared with the Nifty 50 index that was trading down 1.7%.
A selloff in broader markets over fears of the economic fallout from the coronavirus pandemic wiped out over 25% off the Indian lender's stock value in March.
(Reuters)