HDFC falls after 16.5 mn shares change hands

Posted By: Religare
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HDFC falls after 16.5 mn shares change hands
Soon after Citigroup announcing to reduce its stake in HDFC, the shares of the Housing Development Finance Corp fell as much as 1.8%. It was a day ago when Citigroup declared that it is likely to reduce its stake in the top mortgage lender to about 10% from 11.4% with the help of stock market deals.

According to the sources, the global accord on banking, known as Base III, was responsible to influence Citigroup to take such a decision. Further Base III has been proved to discourage the large holding by banks in other financial institutions.

The low shares were reported after 16.5 million shares changed hands at Rs 643 each on the Bombay Stock Exchange. 16.5 million Shares are equal to 1.12% of equity of HDFC. However, in the morning the shares were recorded to be down by 0.6% at Rs 653 falling as low as Rs 645.50 in a firm Mumbai market. HDFC shares on Tuesday finally closed at Rs 648.15, down by 1.42% on BSE.

Read more about: hdfc bank, rbi, bse, nse, citi
Story first published: Wednesday, June 15, 2011, 11:30 [IST]
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