People’s Bank of China picks up 1.75 crore shares in HDFC

The People’s Bank of China (PBoC) purchased 1.75 crore shares in one of the largest housing finance lenders, HDFC Ltd, possibly in the March quarter. The Chinese Central Bank has bought 1,74,92,909 crore shares, or 1.01 percent of the shareholding, according to exchange data. The share purchase is likely to have happened between January and March. The timing of the share purchase is significant given that HDFC shares have been sliding in the recent weeks. Since the first week of February, the shares have fallen by 41 percent.