FILE PHOTO: The Chinese national flag flies at half-mast at the headquarters of the People's Bank of China, the central bank , as China holds a national mourning for those who died of the coronavirus disease , on the Qingming tomb-sweeping festival in Beijing, China April 4, 2020. REUTERS/Carlos Garcia Rawlins/File Photo
BENGALURU - The People’s Bank of China increased its stake in Housing Development Finance Corp Ltd to 1.01% from 0.8%, the Indian lender said in a filing on Saturday. China's central bank held about 17.5 million shares in HDFC, as of March-end, according to quarterly data filedShares of the Mumbai-based company rose as much as 3.5% in early trade, but gave up gains to trade 2.4% down by 0405 GMT. This compared with the Nifty 50 indexA selloff in broader markets over fears of the economic fallout from the coronavirus pandemic wiped out over 25% off the Indian lender’s stock value in March.
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China is reaping from the Chinese Virus