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Shares of HDFC Bank plunged 5.56 per cent to hit a low of Rs 1,631 on BSE. Shares of HDFC declined 4.97 per cent to Rs 2,720. The m-cap of the two companies fell Rs 63,870 crore within first few minutes of trade.
Heavy sell-off in index major HDFC twins also dragged down the benchmark indices. The 30-share BSE Sensex ended 694.96 points or 1.13 per cent lower at 61,054.29
The merged entity of HDFC Bank and Housing Development Finance Corporation is likely to witness outflow by foreign portfolio investors to the tune of around $200 million as global index provider MSCI on Friday announced assigning lower weight to the company than the market expectations. MSCI announced that it intends to add the merged entity of HDFC Bank and HDFC to the large