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China Central Bank raises its stake in HDFC Bank

The China Central Bank has increased its stake in HDFC by further 1%. China's central bank held approximately 17.5 million shares at the end of March, according to quarterly data recorded by India's largest mortgage lender to the exchanges. It’s mandatory for companies to disclose more than 1% stake at the end of every quarter.

HDFC shares fell by 25% last month over concerns of a ruthless sell-off epidemic in global markets. The stock is one of the worst performers in India's 30-stock S&P BSE SENSEX index this year. Chokkalingam G, founder of Equinomics Research and Advisory Pvt Ltd in Mumbai said, "Increasing stake in HDFC may be right. However, in the short to medium term, it can be as painful as the erosion of funds due to the outbreak."

Source: LiveMint