HDFC Ltd will merge into HDFC Bank, and the merged entity will be called HDFC Bank. Merger is imminent in July. MSCI has recently changed the calculation for direct investment limit for banks, called 'foreign room', prompting fears of an outflow and Friday's massive selloff.
The MSCI index is closely monitored by foreign investors interested in Indian equities. The intensity of sell-off was significant enough to prompt the 12-constituent Bank Nifty to drop 2.34% to 42,661.20, its largest fall in seven months. Concurrently, the Nifty fell by 1.02% to 18,069, its steepest fall in four months.
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