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A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee/Files
BENGALURU (Reuters) – 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 bit.ly/2yNDdm3 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.
Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips
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