IDFC drops on decrease in FII investment ceiling

IDFC lost 5.22% to Rs 98.10 at 12:11 IST on BSE after the company said that the ceiling limit in respect of overall foreign shareholding in the company's shares has been reduced to 54% of the company's equity from 74% earlier.

The announcement was made during trading hours today, 26 August 2013.

Meanwhile, the S&P BSE Sensex was up 93.91 points or 0.51% at 18,613.35.

On BSE, 9.36 lakh shares were traded in the counter as against average daily volume of 7.80 lakh shares in the past one quarter.

The stock hit a high of Rs 105.30 and a low of Rs 98.10 so far during the day. The stock had hit a 52-week low of Rs 97.20 on 20 August 2013. The stock had hit a 52-week high of Rs 185.35 on 7 January 2013.

The stock had underperformed the market over the past one month till 23 August 2013, sliding 19.46% compared with the Sensex's 8.78% fall. The scrip had also underperformed the market in past one quarter, declining 32.92% as against Sensex's 5.87% fall.

The large-cap company has equity capital of Rs 1515.33 crore. Face value per share is Rs 10.

IDFC also said that the current foreign shareholding in IDFC is 53.71%, hence the company has advised all the custodian banks vide its email dated 26 August 2013 to not make any further purchases of the company's shares through secondary markets on behalf of Fll & NRI clients with immediate effect.

IDFC's consolidated net profit surged 46.7% to Rs 557.31 crore on 24.8% growth in total income to Rs 2298.57 crore in Q1 June 2013 over Q1 June 2012.

IDFC is an integrated infrastructure finance player providing end to end infrastructure financing and project implementation services. The company also offers asset management services through IDFC Mutual Fund.

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