Taking advantage of the current global market, the People’s Bank of China bought 1.75 crores HDFC shares

Beijing, China: The 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, China’s central bank bought 1,74,92,909 or 1.01 per cent shares of the company. The company has given this information to the stock exchanges. This purchase of shares comes at a time when the company’s shares have seen a decline in recent weeks. Since the first week of February, the shares of the company have fallen by 41%.

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 on Saturday by HDFC. It is noteworthy that in only last month, the company’s shares had fallen by around 25 per cent due to amidst concerns over 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.

Due to downfall in the global market, China is buying stakes in several of Asia’s largest financial institutions. 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.