Gruh Finance slips 8% after stake sale by HDFC

HDFC is selling its stake in Gruh Finance to comply with the RBI requirement for facilitating the proposed merger of the housing finance arm with Bandhan Bank

Gruh Finance shares slipped 8 per cent to Rs 285 on the BSE in early morning trade after the promoter Housing Development Finance Corporation (HDFC) sold more than 4 per cent of the company's paid-up capital in the open market.

Till 09:39 am, a combined 36.5 million equity shares, representing 4.97 per cent stake of Gruh Finance, had changed hands on the NSE and BSE, the exchanges data shows. However, the name of the buyers and sellers were not ascertained immediately.

Earlier, on May 25, the housing finance company had sold 32.59 million equity shares, representing 4.40 per