People's Bank of China sells stake in HDFC in June quarter following furore

It is difficult to ascertain whether the Chinese authority has entirely sold its stake or just trimmed it below 1 per cent

People’s Bank of China (PBOC) has sold a part or its entire stake in HDFC, according to the June quarter shareholding disclosure made by India’s largest mortgage company.

The development comes following a furore in April when it emerged that China’s central bank had upped its holdings in the Mumbai-based financial services behemoth, taking advantage of the market meltdown.

The Chinese authority hasn’t entirely sold its stake but just trimmed it below 1 per cent. Stock exchange shareholding disclosure captures names of public shareholders who own more than 1 per cent stake.