HDFC Bank is trading lower by nearly 2% to Rs 789, extending its past two days fall, in otherwise firm market on reports that the government has turned down the private sector bank’s proposal to raise the cap on foreign institutional investment to 67.55% from 49%.
The stock opened at Rs 801 and hit a low of Rs 788 on NSE. A combined 1.2 million shares changed hands on the counter till noon deals on NSE and BSE.
In past three trading sessions, the stock has declined by 3.3% as compared to 1% rise in benchmark CNX Nifty and 0.25 fall in sector index Bank Nifty.
A meeting to take the views of the industry department, finance ministry and the Reserve Bank of India (RBI) on raising the foreign investment limit in HDFC Bank remained inconclusive on Tuesday, the Business Standard report suggests.
The stock opened at Rs 801 and hit a low of Rs 788 on NSE. A combined 1.2 million shares changed hands on the counter till noon deals on NSE and BSE.
In past three trading sessions, the stock has declined by 3.3% as compared to 1% rise in benchmark CNX Nifty and 0.25 fall in sector index Bank Nifty.
A meeting to take the views of the industry department, finance ministry and the Reserve Bank of India (RBI) on raising the foreign investment limit in HDFC Bank remained inconclusive on Tuesday, the Business Standard report suggests.
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