HDFC share price rises 4% after People's Bank of China raises stake

HDFC share price rose in early trade today amid reports that People's Bank of China (PBOC) has raised its stake to 1.01% in the country's largest finance lender in March quarter. HDFC share price rose up to 3.62% to Rs 1,763 against previous close of Rs 1,701.95 on BSE.

Share price of HDFC opened 1.64% higher at Rs 1,730. The large cap stock has lost 17.45% in last one year and fallen 31% since the beginning of this year

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HDFC share has lost 19% in last one month but gained 11.56% in  one week.

After initial gains, HDFC counter saw some profit booking.  The stock fell 3.18% to Rs 1,647.85 on BSE. It has entered red zone after three days of gain. Its market cap stood at Rs 2.91 lakh crore on BSE.

Deposits in HDFC Bank rise 24% in March quarter, advances up 21%

China's Central Bank held nearly 1.75 crore shares in HDFC in Q4, data from BSE show. PBOC held 0.8 percent in the company as of March 2019, HDFC's Vice Chairman and CEO Keki Mistry said.

It is compulsory for firms to disclose data for shareholders with over 1% stake at the end of every quarter.