IDFC has plunged 5% to Rs 99 on BSE after the company has advised all the custodian banks to not make any further purchases through secondary markets on behalf of their foreign institutional investors (FIIs) & non-resident Indians (NRI) clients with immediate effect.
On Friday, the Reserve Bank of India (RBI) said it has notified the decrease in FII limit in infrastructure finance company to 54% from 74% after a resolution passed by the company’s board of directors and a special resolution by shareholders to that effect.
“The current foreign shareholding in IDFC is 53.71%, hence the company has advised all the custodian banks vide its email dated August 26, 2013 to not make any further purchases through secondary markets on behalf of their Fll & NRI clients with immediate effect,” IDFC said in a regulatory filing.
The stock opened at Rs 105 and has seen a combined 6.29 million shares changing hands on the counter till noon deals on BSE and NSE.
On Friday, the Reserve Bank of India (RBI) said it has notified the decrease in FII limit in infrastructure finance company to 54% from 74% after a resolution passed by the company’s board of directors and a special resolution by shareholders to that effect.
“The current foreign shareholding in IDFC is 53.71%, hence the company has advised all the custodian banks vide its email dated August 26, 2013 to not make any further purchases through secondary markets on behalf of their Fll & NRI clients with immediate effect,” IDFC said in a regulatory filing.
The stock opened at Rs 105 and has seen a combined 6.29 million shares changing hands on the counter till noon deals on BSE and NSE.