Not forgetting the recent quarterly results of HDFC Bank, India's largest private sector bank, made a big impact. Due to this, HDFC Bank shares have been struggling to recover from the decline for the past few days.
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But it continues to decline as RBI approvals raise more questions among investors. Last week, the RBI approved an increase in the shareholding of central government-controlled LIC and HDFC Bank to 9.99 percent.
In this situation, Reserve Bank has now allowed HDFC Bank Group to buy around 9.50 percent stake in 6 financial institutions namely IndusInd Bank, Yes Bank, Axis Bank, ICICI Bank, Suryothai Small Finance Bank and Bandhan Bank.
HDFC Bank Group has explained to the stock exchange that HDFC Bank will not buy the shares of these 6 financial institutions, and approval has been received for the investments of its subsidiary companies HDFC Asset Management Company (AMC), HDFC Ergo and HDFC Life Insurance.
The approval given by the RBI is valid for one year and if the HDFC Bank Group fails to buy the shares within that period, the approval will be cancelled.
Shares of HDFC Bank were down 0.49 percent in the morning trade today. The price per share is Rs 1,437.70. The stock is down 15.32% in 2023. HDFC Bank has a 52-week high of Rs 1,757.50 and a 52-week low of Rs 1,380.25.