HDFC Bank surges 9% as RBI removes ban on FII investment

The stock surged 9.5% to Rs 1,450, also its fresh lifetime high on the BSE in early morning trade

HDFC Bank surged 9.5% to Rs 1,450, also its fresh lifetime high on the BSE in early morning trade after the Reserve Bank of India (RBI) has removed it from ban list with immediate effect. 

The Reserve Bank of India has on Thursday after market hours notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs)/ Foreign Direct Investment (FDI)/Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in HDFC Bank   have gone below the prescribed limit stipulated under the extant FDI Policy.

"Hence the restrictions placed