HDFC bows out of exchanges with record deliveries

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₹11,567.44 crore and the highest-ever deliverable quantity of 33.8 million shares, indicating that investors and traders took delivery ahead of the record date on 13 July to be eligible for receiving the merged HDFC Bank shares. In addition to fresh buying, those holding derivatives positions on NSE would have also opted for delivery as all derivatives contracts remaining open by the end of trade on 12 July would result in compulsory delivery, given the attractive swap ratio, said analysts. This enabled the HDFC share to top the list of 25 most traded shares on Wednesday on the NSE.

“I think fresh buying coupled with derivatives traders taking delivery resulted in record high volumes both by number and value," said Shrikant Chouhan, head of research (retail) at Kotak Securities. The buying of HDFC shares accounted for 13% of the overall volume of ₹91,397 crore traded on the NSE. On BSE, too, a good deal of deliveries happened, although way lower than those on NSE.

A total of 310,000 shares changed hands against 438,000 being traded. Since the cash market segment delivery has been shifted to T+1 cycle from T+2, all those buying shares on Wednesday on both the exchanges would be eligible to receive the merged entity shares in the ratio of 25:42—25 shares of HDFC will fetch 42 shares of the merged HDFC Bank. In the F&O segment, the expiry of stock futures and options occurs on the last Thursday of a month.

But, with HDFC ceasing to exist as a stock from 13 July, all such positions were to be closed out before 3:30 pm on Wednesday. Those keeping their outstanding buy-sell positions open would be obliged to take and give delivery of the shares. Normally, traders roll over their derivatives positions before their contracts