HDFC AMC in intra-day trade in early morning has slipped as much as 5%. The stock is last seen trading at Rs. 1843.20, down Rs. 86.55 or 4.49%., after hitting an intraday low of Rs. 1801.50 on the BSE against its previous session closing of Rs. 1929.75.
HDFC AMC Slides 7% After It Transfers Exposure To Essel Group On Its Own Books
The group has allowed an exit to its fixed maturity plan or FMP investors. This the company has done by transferring the exposure into Essel group firms worth Rs. 500 crore on to its own books.
The liquidity arrangement is applicable for FMPs that matured in April or are about to mature as long as the 'standstill' agreement with Essel Group firms backed by Subhash Chandra is in force.
At 10:10 am, the stock of HDFC Asset Management Company was trading at Rs. 1827, down 5.32% or Rs. 102.75.
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