Shares of infrastructure financing company IDFC today fell by over 2 per cent on profit-booking after rallying yesterday and following news that the company has agreed to prune foreign shareholding limit.
IDFC's stock ended at Rs 159.40, down 2.24 per cent on the BSE. During the day, the scrip lost 3.4 per cent to Rs 157.50.
At the NSE, it was down 2.48 per cent to close at Rs 159.20.
In the previous trading session, shares of IDFC had climbed nearly 9 per cent.
IDFC has agreed to prune foreign shareholding limit by 1 per cent to 50.50 per cent, as part of plans to progressively pare foreign investor holding to 49 per cent to run banking services.
"...IDFC Limited has agreed to decrease the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges under the Portfolio Investment Scheme (PIS) up to 50.50 per cent of the paid up capital," the RBI had said in a notification yesterday.
On July 8, the company had agreed to pare the FII investment ceiling to 51.5 per cent.
