HDFC Bank block deal: Morgan Stanley, Citigroup buy private bank’s stock worth ₹755 crore

  • Morgan Stanley and Citigroup bought private sector lender HDFC Bank shares for over 755 crore through open market transactions.

Ankit Gohel
Published4 Oct 2024, 08:40 AM IST
HDFC Bank block deal: Morgan Stanley, Citigroup purchased HDFC Bank shares at an average price of  <span class='webrupee'>₹</span>1,726.2 apiece.
HDFC Bank block deal: Morgan Stanley, Citigroup purchased HDFC Bank shares at an average price of ₹1,726.2 apiece.

HDFC Bank shares witnessed a major block deal transaction on October 3, a day when the Indian stock market crashed with the benchmark indices, Sensex and Nifty 50 falling over 2% each.

On Thursday, Morgan Stanley and Citigroup bought private sector lender HDFC Bank shares for over 755 crore through open market transactions.

According to the block deal data on the BSE, Morgan Stanley and Citigroup through their affiliates purchased 43.75 lakh shares of HDFC Bank. The shares were purchased at an average price of 1,726.2 apiece, taking the total transaction value to 755.29 crore.

Also Read | Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy

The seller of HDFC Bank shares in the block deal was BNP Paribas’ arm BNP Paribas Financial Markets which divested the same number of shares through two separate block deals at 1,726.2 apiece on the BSE.

Last week, Paris-based BNP Paribas offloaded HDFC Bank shares worth 543.27 crore.

Bears took charge of Dalal Street on Thursday as the Indian stock market crashed, leaving investors poorer by around 11 lakh crore. Sensex and Nifty 50 plunged more than 2% each, dragged by heavy selling across sectors.

Also Read | Bloodbath on D-street as hot money races to China

Indian stock market fell due to several negative factors, including escalating tensions in Middle Asia amid Israel-Iran war, expensive valuations of domestic equities and heavy outflows of foreign investors amid a sharp bounce back in Chinese stocks following recent fiscal and monetary stimulus measures.

The Sensex slumped 1,769.19 points, or 2.10%, to close at 82,497.10, while the Nifty 50 settled 546.80 points, or 2.12%, lower at 25,250.10.

HDFC Bank Share Price

HDFC Bank share price has failed to see any significant move this year. The largest private bank’s stock has fallen more than 5% in one week and is down over 1% year-to-date (YTD). In the past one year, HDFC Bank shares have gained 11.5%.

On Thursday, HDFC Bank stock price ended 2.55% lower at 1,682.15 apiece on the BSE.

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First Published:4 Oct 2024, 08:40 AM IST
Business NewsMarketsStock MarketsHDFC Bank block deal: Morgan Stanley, Citigroup buy private bank’s stock worth ₹755 crore

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