HDFC Bank recovers from the pain of Bank of Muscat stake offloading

HDFC Bank is currently trading at Rs 842, up by 16.60 points or 2.01% from its previous closing of Rs 825.40 on the BSE.

The scrip opened at Rs 835.55 and has touched a high of Rs 848 with low remaining its opening price. So far 46,077 shares were traded on the BSE.

The BSE group ‘A’ Bankex stock of face value Rs 10 has touched a high of Rs 1575 on May 2, 2008 and a 52 week low of Rs 774 on March 6, 2009.

The BSE Bankex is currently trading at 4,126.99,up by 3.03% from its previous closing.

The scrip price has witnessed a positive change of 5.40% since last week and a correction of 3.95% since last month.

Bank of Muscat, which holds a 2.13% stake in India’s leading private banking entity HDFC Bank, has offloaded around 40% of the stake. The value of the stake sold was pegged at Rs 305 crore, as per the closing price of March 16

The overseas entity stated that the move was made known to the investors of Bank of Muscat earlier. Further, the bank has announced its intention to sell its entire stake in India’s leading private sector lender.