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HDFC share price falls over 3% after China's central bank cuts stake

HDFC share price fell 3.34% to Rs 1,877 intra day against previous close of Rs 1,942 on BSE

twitter-logoBusinessToday.In | July 10, 2020 | Updated 18:51 IST
HDFC share price falls over 3% after China's central bank cuts stake

Share price of mortgage lender Housing Development Finance Corp (HDFC) fell the most in more than a month today amid reports that People's Bank of China (PBOC) has sold at least some of its stake in the firm. HDFC share price fell 3.34% to Rs 1,877 intra day against previous close of Rs 1,942 on BSE.

HDFC share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The large cap stock has lost 15.32% in one year and fallen 21.84% since the beginning of this year.  Total 1.32 lakh shares changed hands amounting to turnover of Rs 25.13 crore on BSE. The stock closed 2.87% or Rs 55 lower at Rs 1,886 in today's session.

According to shareholding data submitted to the bourses for quarter ended June 2020, the People's Bank of China was not among key shareholders of the company as of June 30.

China's central bank held about 17.5 million shares, accounting for a 1.01 stake for the quarter ended March. Subsequently, holding of foreign portfolio investors (FPIs) fell to 70.17 per cent in June quarter against 70.88% in the quarter ended March 31.

Mutual funds also lowered their shareholding to 9.44 per cent in Q1 compared to 9.52 per cent in the March quarter. 

HDFC Life Insurance share rises 5% on inclusion in Nifty from July 31

HDFC reported a 30% rise in its consolidated net profit at Rs 22,826 crore for the financial year ended March 31, 2020 against consolidated net profit of Rs 17,581 crore in the previous year.

The mortgage lender reported a 22% fall in net profit at Rs 2,233 crore in the fourth quarter, compared to Rs 2,862 crore in the year-ago period.

HDFC's board proposed a dividend of Rs 21 per share of the face value of Rs 2 per unit. On a standalone basis, profit of HDFC in Q4 during the quarter slipped by 22 per cent at Rs 2,232.55 crore against Rs 2,861.58 crore in the same quarter of previous fiscal.

HDFC cuts lending rates by 20 basis points; check out MCLR across tenors

By Aseem Thapliyal

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