Citigroup Unloads HDFC Bank Shares in Major Market Move

Citigroup has sold shares of HDFC Bank valued at Rs 275 crore, involving nearly 1.58 million shares, to Ghisallo Master Fund LP in an open market transaction. HDFC's share prices declined slightly following the sale. The bank reported a 6% net profit increase for the September quarter.

In a significant market transaction, American multinational Citigroup divested shares worth Rs 275 crore of the private sector lender HDFC Bank on Monday through an open market deal.

The sale, executed by Citigroup Global Markets Mauritius, involved 1,579,953 shares, according to block deal data from the BSE. These shares were sold at an average price of Rs 1,742.6 each, with Ghisallo Master Fund LP emerging as the buyer at the same rate.

The transaction prompted a minor decline in HDFC Bank's stock, closing at Rs 1,734.30 on the BSE. Recently, HDFC Bank reported a 6% rise in net profit for the September quarter, citing stable margins and a 10% growth in core net interest income.

(With inputs from agencies.)