HDFC Bank as of March 2024 quarter at 47.83 per cent, declined from 52.39 per cent in the December 2023 quarter. Arora took to social media platform ‘X’ and said, ‘’If HDFC Bank had requested all the FIIs together would have been happy to sell another five bps of stock to satisfy MSCI's bureaucratic requirement.'' Also Read: HDFC Bank: FII ownership declines to 47.8% in the March' 2024 quarter from 52.3% at the end of December'2023 quarter ‘’Imagine- if FIIs had sold five bps more of HDFC Bank in the first quarter, it would have led to billions of dollars of buying in the stock.
Crazy index providers and the service they deliver to their customers and followers and public at large. Note: Interested in stock, country, market,'' added Arora.
The reduction in FII shareholding is leading to expectations that there may be some balancing and fresh emerge from new Foreign Investors to compensate for the gap that has been created by reduced FII stakes in HDFC Bank and the requirement to meet the weightage in the MSCI. Despite this, HDFC Bank share price gained more than three per cent on Thursday and the stock was largest gainer amongst Nifty 50.
On April 4, shares of HDFC Bank settled 3.06 per cent higher at ₹1,527.90 apiece on the BSE. Even as FII reduced stakes, the mutual funds have been raising stakes in the HDFC Bank suggested the data on the exchanges.
The mutual fund holding more than one per cent stake in HDFC Bank have seen ownership increase to 22.35 per cent by end of March 2024 quarter compared to 19.48 per cent at the end of December'2023 quarter. Also Read: HDFC Bank Q4 Update: Gross advances rise 55% YoY to ₹24.69 lakh crore; deposits grow 26% Earlier today, the business updates shared by HDFC Bank on the
. Read more on livemint.com