India-Canada news: Kotak Bank, Zomato, Paytm, other shares with Canada Pension Fund investment fall

livemint.com:

Kotak Mahindra Bank Ltd, Zomato, Paytm and other companies with significant investments from Canada Pension Plan Investment Board (CPPIB) declined as the fresh tensions between India-Canada relationship escalated. Canada Pension Plan Investment Board is the largest pension manager in Canada and has significant holdings in some of the Indian companies. CPPIB disclosed an investment of $21 billion ( ₹1.74 lakh crore) in India about a year ago.

Its major holdings in the Indian stock market include a 2.68% stake in private sector lender Kotak Mahindra Bank and stakes in approximately 70 other Indian publicly traded firms. Kotak Mahindra Bank shares were trading 1.82% lower at ₹1,757.55 apiece on the BSE. Also Read: India-Canada news: Canada Pension fund investment stood at $21 billion in about 70 listed stocks in 2022 CPPIB also holds over 20.35 crore equity shares of Zomato aggregating to a 2.37% stake in online food delivery aggregator, as of June 2023.

Zomato shares were trading 0.75% lower at ₹99.21. The Canadian fund held 4.38 crore Delhivery shares, which aggregates to 6% shareholding in the company. Delhivery share price was down 0.17% at ₹429.70.

Additionally, CPPIB holds 2.18% stake in Indus Towers, 1.76% stake in One 97 Communications, the parent company of fintech giant Paytm and a stake of 1.47% in FSN E-Commerce Ventures, the parent company of Nykaa. Indus Towers shares declined 1.71% to ₹178.65, Paytm shares fell 1.28% to ₹842.20, while Nykaa share price was trading 2.47% lower at ₹141.95 apiece on the BSE. As tensions between Canada and India continue to rise, Jayden Ong, Senior Market Analyst, APAC, Vantage believes the Indian market will be indirectly affected “Canadian pension funds such as CPPIB and CDPQ