HDFC Bank at new high, up 9%; 

RBI withdraws FII stake-buy limit As on December 31, 2016, promoter shareholding in the bank was at 26.09 percent. Error loading player: No playable sources found Shares of HDFC Bank touched a record high of Rs 1450, rising more than 9 percent intraday Friday after the RBI has withdrawn the limit for purchase of shares. The Reserve Bank of India on Thursday 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 Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, it said

 Siddharth Purohit, said the surge was a one-off event based on a technical adjustment. He said, however, that there could be a change in valuation after the development. Purohit said the focus going ahead would be on core growth, adding that HDFC Bank’s performance in recent quarters was better than its peers. He said there is no reason to think of exiting the stock as HDFC Bank posted strong numbers regularly. RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points below the actual ceiling. As on December 31, 2016, promoter shareholding in the bank was at 26.09 percent. About 3.34 crore shares, worth Rs 4,799 crore, exchanged hands through multiple blocks on exchanges. At 09:28 hrs HDFC Bank was quoting at Rs 1,431.90, up Rs 104.55, or 7.88 percent on the BSE.

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