Housing financing company, HDFC was down more than 4.5% today after Citibank sold shares in the company. The stock was trading lower at Rs 668.70 at 11.10 am IST on the National Stock Exchange.
Citibank had sold shares in the company earlier in order to raise money. Unconfirmed reports suggested that the shares were picked up by foreign funds.
According to marketmen, today's decline in the stock maybe an excellent opportunity to pick shares of the blue chip company, which has a robust track record in generating shareholder wealth.
HDFC is leader in housing finance in India, with an unparalleled track record in India. The company has also promoted HDFC Bank, which is amongst the leading private sector lenders in the country.