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

In the current financial year, People's Bank of China (PBoC) has bought about 1.75 crore shares of HDFC Ltd, one of the largest housing finance companies in the country. According to a report by the news agency Bloomberg, China's central bank has bought 1,74,92,909 crore or 1.01 percent shares of the company. The company has given this information to the stock exchanges. This purchase of shares has taken place at a time when the company's shares have seen a decline in recent weeks. From the first week of February till date, the shares of the company have fallen by 41 percent.

China's central bank held 1.75 crore shares of the company at the end of March, according to quarterly data made available to the stock markets by HDFC on Saturday. It is worth mentioning that only last month, the company's shares had fallen by around 25 per cent amidst concerns about the outbreak of the coronavirus epidemic. HDFC is one of the worst-performing stocks this year on the Sensex, a sensitive index based on 30 stocks of the BSE.

According to data compiled by Bloomberg regarding this major purchase, People's Bank of China has invested in companies around the world. The central bank of China also holds stakes in major companies such as BP Plc and Royal Dutch Shell Plc. At the same time, China is buying the stake of many big financial institutions of Asia, due to the sharp decline in the stock markets due to Coronavirus. In recent years China has significantly increased its investment in major Asian countries including Pakistan and Bangladesh. China is mainly investing in infrastructure projects and technology companies.

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