China's central bank raises stake in HDFC

The People’s Bank of China increased its stake in Housing Development Finance Corp Ltd to 1.01% from 0.8%, the Indian lender said in a filing on Saturday.

China's central bank held about 17.5 million shares in HDFC, as of March-end, according to quarterly data filed to exchanges by India's biggest mortgage lender.

Shares of the Mumbai-based company rose as much as 3.5% in early trade, but gave up gains to trade 2.4% down by 0405 GMT. This compared with the Nifty 50 index that was trading down 1.7%.

A selloff in broader markets over fears of the economic fallout from the coronavirus pandemic wiped out over 25% off the Indian lender’s stock value in March.