People's Bank of China picks up 1% stake in lending major HDFC

The People's Bank of China holds stakes in companies across the world, including BP Plc and Royal Dutch Shell Plc.

In a major development for the Indian financial sector, the People's Bank of China has acquired a 1.01 per cent stake in the lending major Housing Development Finance Corporation (HDFC).

The central bank of China has acquired nearly 17.5 million shares in HDFC during the quarter ended March, according to data submitted by the company at the BSE.

The development comes at a time when the share price of the lender plunged. During the past one month the stock prices of HDFC fell over 25 per cent amid the beating across stocks due to the coronavirus crisis.

Foreign portfolio investors hold 70.88 per